The Social Security Administration (SSA) recently announced the cost-of-living adjustments that will take effect in January 2024.
The maximum Supplemental Security Income (SSI) payment will increase from $914 to $943 per month for eligible individuals. For eligible couples, the maximum monthly payment will increase to $1,415. SSI is a benefit available to people 65 or older, disabled, or blind and who have very limited income and assets.
The maximum substantial gainful activity limit will also go up in 2023. For blind individuals the limit will be $2,590 per month. For non-blind individuals, the substantial gainful activity limit will be $1,550 per month. SSA uses substantial gainful activity as an initial screen to test disability applicants. In general, individuals earning more than the substantial gainful activity limit per month will have their applications denied. For those on Social Security Disability Insurance (SSDI), the substantial gainful activity limit is also the maximum a person can earn per month while remaining on SSDI.
The trigger for a trial work period for individuals potentially returning losing disabled status and returning to the work force will increase from $1,050 to $1,110 per month.
General social security retirement benefits will increase by 3.2% in 2024. The average payment will be $1,907 per month. The new Medicare Part B premiums, the premium most people on Medicare pay, will be $174.70 in 2024.
For any questions, please call Mitchell, Brown & Associates at (314) 962-0186.
