2. Supplemental Security Income Increase
Next on the Social Security shakeups of 2024, we’re going to talk about the Supplemental Security Income Increase. Just like Social Security retirement paychecks increase to match inflation, so too do Supplemental Security Income (SSI) benefits.
The 2024 increase is the same as with COLA, or 3.2%. As SSI paychecks don’t vary per beneficiary like retirement benefits do, the SSA publishes a table showing exactly what the SSI recipients will get this year.
This being said, essential persons will get $472 per month, or $5,673.73 per year. Qualifying individuals will get $943 per month, or $11,321.49 per year. Qualifying couples will get $1,415 per month, or $16,980.36 per year.
SSI resource limits remain the same as they were in 2023, at $2,000 for individuals and $3,000 for couples. There’s one change, though: the SSI student exclusion jumps to $2,290 per month, or $9,230 per year, up from $2,220 and $8,950, respectively, in 2023.
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Tell Biden stop the federal tax on our SSI benefits. It was HE who cast the tie breaker vote to tax SSI way back when. I have already paid taxes on SSI when i was working and Iam taxed AGAIN when i collect. WHY??????????????????????!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!