The Social Security Administration (SSA) changes Supplemental Security Income (SSI) benefits from year to year, some years more than others. It is important to make sure you understand and keep updated on these changes if you are receiving SSI benefits. These changes are seldom very large, but a complete understanding of these changes will help to ensure that you take all of the necessary steps to qualify for disability benefits.
For ‘quarter of’ coverage, the earnings needed to earn one Social Security Credit changed from $1,640 to $1,730 in 2024.
Substantial Gainful Activity or SGA has changed for non blind SSDI recipients from $1,470 monthly per month in 2023 to $1,550 per month in 2024. For blind recipients the amount has changed from in $2,460 in 2023 and to $2,590 per month in 2024. During the trial work period for above SSI recipients the monthly amount has changed as well, from $1,050 in 2023 to $1,110 in 2024.
The SSI Federal Payment standard has changed from $914 for individuals and $1,371 for couples in 2023 to $943 for individuals and $1,415 for couples in 2024. Also the Student Exclusion has changed to $2,290 as a monthly limit, $9,230 as the annual limit in 2024.
As previously stated, the changes to SSI are small, but keeping track of them can be incredibly helpful in budgeting. The changes have gone into effect as of January 1, 2024.
What Is SSI?
SSI is an acronym for Supplemental Security Income. Supplemental Security Income (SSI) is one of two federal disability benefits programs offered by the Social Security Administration (SSA). The Social Security Administration (SSA) is a federal agency in the United States. Supplemental Security Income is based on financial need. Thus, in order to qualify for SSI, you must be able to meet the resource and income limits of SSI, be disabled or blind, or be 65 years of age or older. Additionally, you must be a citizen of the U.S. or U.S. national that is either living in the U.S.—any of the 50 states or the District of Columbia (Washington, D.C.)—or the Northern Mariana Islands in order to be eligible and qualify to receive SSI benefits. Once you have qualified for and been approved to receive disability benefits payments through the Supplemental Security Income program, your monthly payment amount will be dependent on your income as well as your assets.
So, have there been any changes to SSI? And, if so, what have these changes to SSI been? Yes there has been a recent and notable change to SSI within the last few months of 2022. This change to SSI brings more financial assistance to Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) beneficiaries starting in 2023. One of the biggest and most recent changes was announced by the Social Security Administration (SSA) on October 13, 2022. To find out what this change is and the importance of this change, keep reading.
Changes To SSI
On October 13, 2022, the Social Security Administration (SSA) announced the 2023 COLA update for their disability benefit programs—both the SSDI (Social Security Disability Insurance) program and the SSI (Supplemental Security Income) program. COLA is an acronym that stands for the Cost-Of-Living-Adjustment made annually by the Social Security Administration.
The SSA’s October 2022 announcement noted how disability benefit payments via the SSDI and SSI programs will benefit from an 8.7 percent increase for these programs’ beneficiaries in 2023. According to the SSA, the rollout of this COLA increase will begin as early as December 2022 in preparation for the new year. This change to SSI and SSDI was brought about as a direct result of the current economic status of the U.S. More specifically, the rises in consumer prices and the cost of living in the U.S. alongside recent inflation has led to everything (i.e., services and consumer goods) costing more (i.e., being more expensive). Recognizing this in mid-to-late 2022, as they always do every year, the Social Security Administration decided to increase the 2023 SSDI and SSI disability payment amounts to help ensure they would keep pace with the current financial climate of the country.
To learn more about this change to SSI (Supplemental Security Income), read our blog post on “COLA Adjustments for 2023.”