In October 2024, you will get a new Social Security check that is larger than the one from the prior year. Citizens of the United States can now effectively battle any inflation-related issues. That being said, there will be other changes pertaining to retirement payouts in October 2024. Being aware of when and how much you will get in your Social Security payments is crucial in all matters pertaining to the program. Simply by keeping everything in mind, you will be able to determine your retirement budget in an easy-to-understand manner and learn about Social Security Changes Coming in October.
Social Security Changes Arriving in October 2024
With effect from October 2024, the Supplemental Security Income (SSI) program will undergo many significant adjustments, as announced by the Social Security Administration (SSA). Millions of Americans with low incomes who rely on SSI to cover their essential living expenses will be impacted by these changes. The purpose of these changes is to improve the program’s accessibility and support for low-income individuals and families.
The standards for determining SSI eligibility may change after the new updates go into force, thereby expanding the pool of eligible individuals and improving benefits for current recipients. Three new rules have been implemented by the SSA and will take effect on September 30, with the goal of expanding the scope of SSI benefits and improving their accessibility for individuals who are in need.
Social Security’s 2025 COLA
The annual release of the cost-of-living adjustment (COLA) is the most anticipated event for the more than 68 million beneficiaries of Social Security. This is because the majority of retirees depend on their Social Security benefits in one way or another to pay for their monthly costs. Social Security will release its 2025 COLA on October 10, 2024.
We can now predict how much the average check is projected to grow next year, given several forecasts now agree on the level of this COLA. The latest projection of the nonpartisan Senior Citizens League places 2025’s COLA at 2.5% based on inflation readings to date. But, depending on how inflation moves during September, that figure might fluctuate either way.
SSI Eligibility Changes
There will also be significant changes to the requirements for SSI eligibility. An individual’s monthly income cannot be greater than $1,971 in order to be eligible for SSI. To make it simpler for more people to get this essential support, the SSA has changed several of its standards. The purpose of these changes is to give individuals who depend on SSI benefits more assistance and financial security.
You must know the 3 Major Updates Announced and how they may affect you. Remember, low-income Americans still rely heavily on the SSI program for aid. You can maximize the advantages that are at your disposal by keeping abreast of these developments.
Public Assistance Household Redefinition
In the past, in order to be eligible for SSI, each member of the household had to be receiving public assistance. This is an important change that will increase the number of low-income families who can get benefits and ensure that Social Security services are run fairly.
Changes in Food Assistance Calculation
In-kind support and maintenance, or ISM, is another area where the SSA is making changes, particularly with regard to food aid. This change aims to make it easier for people in need to obtain assistance and make sure they are not punished for getting outside help.
Resource Limits
A significant change that has occurred is the augmentation of resource limitations, which permits SSI recipients to hold onto additional assets without compromising their eligibility for payments. It was generally difficult for beneficiaries to save any money due to the restrictive nature of the previous resource constraints.
These changes allow individuals and couples to keep greater assets and savings without having to forfeit their SSI benefits. For low-income Americans, this will mean greater financial security and the ability to plan ahead without risking their benefits.
Promoting Fairness in Social Security Programs
In order to encourage fairness in the management of its programs, the SSA is likewise taking action. “We are eliminating major barriers to SSI access by simplifying your laws and adding an additional program targeted toward low-income families, like SNAP benefits,” stated Social Security Commissioner Martin O’Malley.
Through these changes, all Americans should be able to more easily access and fairly participate in SSI and other Social Security services. More than 109,000 people will become newly eligible for SSI benefits, and the adjustments are anticipated to improve payments for thousands of recipients.
Juniper Leena is a lawyer and finance graduate. She loves to write articles about the USA economy and social security. In her free time, she enjoys playing chess. She is the head of the writing team at Fort Hunt Herald and reports to Niamh Prescott. She also completed her MBA in finance in 2018.
Is anyone writing about SSDI???
Finally, the champ is back! Please advocate for people to get a Cost of Living budget! Thanks Tim!!!
I struggle month to month. I never, after my bills have enough money to meet the end of the month. I need this help.