On October 12, 2023, the Social Security Administration announced that Social Security and SSI payments will increase by 3.2% in 2024. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).
The 2024 SSI rate will be $943 for individuals and $1,415 for eligible couples. This will increase the Medicaid income cap to $2,829 in 2024.
Recipient | Unrounded annual amounts for— | Monthly amounts for 2024 | |
---|---|---|---|
2023 | 2024 a | ||
Eligible individual | $10,970.44 | $11,321.49 | $943 |
Eligible couple | 16,453.84 | 16,980.36 | 1,415 |
Essential person | 5,497.80 | 5,673.73 | 472 |
a The unrounded amounts for 2024 equal the unrounded amounts for 2023 increased by 3.2 percent. |
On October 10, 2024, the Social Security Administration announced that Americans will increase a 2.5…
Many people think that estate planning is just having documents prepared. They have a lawyer…
In Chambers v. Edwards, 365 Ga. App. 482 (2022), William Chambers sued his sister, Kathy…
When an injured party sues someone who negligently injured him or her, one form of…
From time to time we re-post David Hultstrom's Financial Foundations. Mr. Hultstrom, who is a…
If called upon to determine the meaning of a trust, or to resolve some ambiguity,…