October Social Security Updates – 4 Significant Changes Announced, Including COLA

Starting in October 2024, the Social Security Administration (SSA) is rolling out significant changes to the Supplemental Security Income (SSI) program. These updates are expected to impact over 7 million low-income Americans who rely on SSI for financial support. From adjusted benefit amounts to relaxed eligibility criteria, these changes aim to offer better support to the elderly, disabled, and blind individuals.

Updates

SSI provides critical assistance to individuals over 65 and those with disabilities. The upcoming changes in October will address benefit amounts, eligibility thresholds, and resource limits, making it easier for more people to qualify and receive aid. Here’s what you need to know:

1. Benefit Amounts

One of the biggest changes is the increase in monthly SSI payments. Currently, individual recipients receive an average of $943 per month, and couples receive up to $1,415. With the Cost of Living Adjustment (COLA) expected in 2025, these amounts will rise. A projected 2.5% COLA increase will bring individual payments to around $966, offering some relief as living expenses increase.

SSI Payments	Current Amount	Projected 2025 Amount (2.5% COLA)
Individual	$943	$966
Couple	$1,415	$1,450

This COLA increase reflects the SSA’s annual effort to adjust payments in line with inflation, ensuring that recipients don’t lose purchasing power.

2. Eligibility Criteria

The SSA has also updated the income threshold for SSI eligibility, allowing more individuals to qualify. As of 2024, an individual can earn up to $1,971 per month, while couples can earn more without losing eligibility. The SSA has made these changes to reflect the economic challenges faced by low-income Americans, ensuring more people can receive financial support.

3. Resource Limits

To further ease access to SSI benefits, the resource limits—which dictate how much a person can own in assets—have been increased. Beneficiaries can now retain more assets without risking their SSI benefits, offering a safety net for those with limited savings.

4. Household Assistance Rules

Previously, all household members needed to receive public assistance for one member to qualify for SSI. Under the new rule, only one household member needs to be an SSI recipient, while another member must receive some form of verified public assistance, such as SNAP benefits. This change simplifies the process, making it easier for households to access SSI benefits.

• Old rule: Every household member must receive public assistance.
• New rule: Only one SSI recipient is needed, plus one other household member receiving public assistance.

This adjustment is expected to improve payments for 277,000 current beneficiaries and make 109,000 new individuals eligible for SSI benefits.

Changes

Another significant update affects how the SSA treats in-kind support for food. Previously, receiving food aid from family or friends could reduce a recipient’s SSI benefits because it was classified as unearned income. However, the SSA has now removed this restriction, meaning food assistance from outside sources will no longer affect SSI eligibility or benefit amounts.

This change addresses a long-standing issue and ensures that low-income individuals can receive the full extent of their benefits while accepting much-needed help from family and friends.

Payments

In a positive development, the 2025 COLA increase will be applied earlier than usual. This means that recipients will start receiving their adjusted checks ahead of schedule in January 2025, providing a timely financial boost. The 2.5% COLA increase will raise monthly SSI payments across the board.

SSI Payments	Current Amount	Projected 2025 Amount (2.5% COLA)
Individual	$943	$966
Couple	$1,415	$1,450

With the early COLA adjustment, beneficiaries will see the increased payments in January 2025, helping to offset the rising cost of essential goods like food, housing, and healthcare.

Promoting Fairness

According to Social Security Commissioner Martin O’Malley, these updates aim to “promote greater fairness across all Social Security programs.” By streamlining access to benefits and incorporating public assistance programs like SNAP, the SSA is ensuring that low-income families can receive the support they need without facing unnecessary bureaucratic barriers.

The household assistance rule changes and updates to in-kind support are part of a broader effort to make the SSI program more equitable. These changes reflect the SSA’s commitment to modernizing its programs and ensuring that vulnerable populations receive the financial support they deserve.

Impact

The upcoming changes will provide financial relief to many existing beneficiaries and allow new individuals to qualify. Here’s a summary of the key impacts:

• More people will qualify: The increased income thresholds and resource limits will expand SSI eligibility, allowing more low-income individuals to benefit.
• Higher monthly payments: The 2.5% COLA increase will boost monthly payments, helping beneficiaries cope with rising living costs.
• Fairer rules: Updates to household assistance and in-kind support rules will make it easier for families to access SSI benefits without fear of losing aid.

The SSI program is undergoing significant changes designed to help low-income Americans better access the benefits they need. By adjusting payment amounts, broadening eligibility, and removing obstacles, the SSA is making strides toward a fairer and more supportive system. With these changes set to begin in October 2024, beneficiaries should stay informed and prepare for the positive financial impact in the coming year.

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