The Social Security Administration (SSA) is a critical government agency in the United States, responsible for managing retirement savings for millions of Americans. As of October 2024, important changes will take effect, impacting both retirees and those enrolled in the Supplemental Security Income (SSI) program. These adjustments aim to improve benefits, but they may also affect how eligibility is determined.
For millions of retirees and SSI recipients, these changes will bring about adjustments that could influence monthly payments and overall benefit calculations. Below, we’ll explore the key changes, how they might affect beneficiaries, and what you need to know about these new policies.
3 changes to social security and SSI benefits in october 2024
- Exclusion of food assistance from eligibility calculations:
- The SSA will no longer count food assistance from friends and family when determining SSI eligibility.
- This change could increase monthly payments by approximately $131 for more than 90,000 recipients.
- Additionally, this could allow more individuals to qualify for SSI benefits.
- Expansion of rental subsidy exceptions:
- The exception for rental subsidies, previously limited to seven states, will now be applied nationwide.
- This expansion is expected to boost monthly payments by around $132 for approximately 41,000 people.
- Broader definition of “public assistance household”:
- The inclusion of SNAP (Supplemental Nutrition Assistance Program) benefits in the public assistance definition will streamline eligibility for SSI.
- As a result, about 277,000 people could see an increase in their SSI payments, and more individuals will meet the eligibility criteria.
How these updates impact SSI applicants and beneficiaries
In addition to the changes outlined above, Congress continues to impose asset limits on SSI applicants, which haven’t been adjusted since 1989. These outdated restrictions make it harder for SSI recipients to save money, creating additional challenges. The SSA is addressing this by simplifying SSI rules and reducing the administrative burden on disabled individuals.
By implementing these changes, the SSA aims to offer improved financial support to millions of people, particularly those with disabilities, while making the benefit process more transparent and accessible.