"2024 Social Security Update: Higher COLA, New Benefits, and Key Dates to Know"

In 2024, SSI beneficiaries will receive a cost-of-living adjustment, but they must be cautious during months when two checks are issued, as it could push them near the $2,000 asset limit, risking overpayment notices and benefit reductions. The asset limits, unchanged since 1989, may be raised to $10,000 for individuals and $20,000 for couples if a bipartisan bill is passed. JPMorgan Chase CEO Jamie Dimon has called for this fix, highlighting the disincentive for salary increases among those eligible for SSI. Beneficiaries can also use ABLE accounts to save up to $100,000 without penalties.