Maximum Federal SSI Payment will be $943/month in 2024

People with disabilities receiving Social Security and Supplemental Security Income benefits will see their monthly payments rise by 3.2% in 2024. The jump is due to an automatic Cost-Of-Living Adjustment (COLA). The annual adjustment, which is intended to account for inflation (notable in recent years), is based on the CPI from the U.S. Department of Labor’s Bureau of Labor Statistics. The increase will mean that the maximum federal SSI payment for individuals will reach $943 per month next year, up from $914 currently, according to the Social Security Administration, a modest increase far short of the 8.7% increase in 2023.  Not sure this increase will truly be enough for us to keep up with inflation given the higher costs many of us are seeing.