The annual Cost of Living Adjustment (COLA) is eagerly anticipated by millions of American recipients, and SNAP beneficiaries will likely be the first to receive extra money from the USDA thanks to this adjustment.
While COLAs are designed to reflect changes in the cost of living, they don’t always result in an increase. For example, following the 2024 COLA adjustment, some recipients in Hawaii experienced a reduction in their benefits.
Social Security and Supplemental Security Income recipients will not see their 2025 COLA adjustments until January 2025 (for SSDI or retirement) or December 31, 2024 (for SSI). However, SNAP recipients will not have to wait that long.
The USDA has announced that the new Food Stamp amounts will start on October 1, 2024. If COLA projections hold, benefits may increase, providing timely support to SNAP beneficiaries.
Announcement Timing
For context, the Fiscal Year 2024 Cost of Living Adjustments were announced on August 3, 2023. If the USDA follows a similar timeline in 2024, SNAP recipients may learn about the new Food Stamp amounts in early August, just weeks before the adjustments take effect.
Current and Possible Future SNAP Amounts
The maximum SNAP benefits vary based on household size. As of now:
- A single person can receive up to $291.
- A family of eight can receive up to $1,751.
With a COLA projection of about 2.63%, as reported by the Senior Citizens League, potential increases in SNAP benefits could be as follows:
Projected SNAP Benefits for October 1, 2024
| Household Size | Current Maximum Amount | Projected Increase (2.63%) | New Maximum Amount |
|---|---|---|---|
| 1 person | $291 | $7.65 | $298 |
| 2 people | $535 | $14.07 | $549 |
| 3 people | $766 | $20.12 | $786 |
| 4 people | $973 | $25.59 | $998 |
| 5 people | $1,155 | $30.38 | $1,185 |
| 6 people | $1,386 | $36.42 | $1,422 |
| 7 people | $1,609 | $42.31 | $1,651 |
| 8 people | $1,751 | $46.07 | $1,797 |
Implications of the Increase
The increase in SNAP benefits due to COLA adjustments is crucial for many low-income families, helping to offset rising living costs. This timely boost can provide significant relief, ensuring that families can afford basic necessities such as food, healthcare, and housing.
Proposed Social Security Changes to SSI – Here’s How It Will Be Calculated Going Forward
The upcoming COLA adjustments are set to provide much-needed financial relief to SNAP beneficiaries starting October 1, 2024. By adjusting benefits to reflect changes in the cost of living, the USDA aims to help low-income families maintain their purchasing power in the face of inflation.
While the exact amounts will be confirmed closer to the date, the projected increases offer a glimpse of the potential benefits awaiting SNAP recipients.
FAQs
When will SNAP recipients see the COLA increase?
SNAP recipients will see the COLA increase starting on October 1, 2024.
How much is the projected COLA increase for SNAP benefits?
The projected COLA increase for SNAP benefits is about 2.63%.
What are the current maximum SNAP benefits for a single person and a family of four?
A single person can currently receive up to $291, while a family of four can receive up to $973.
How will the COLA adjustment impact SNAP benefits for a family of four?
If the projected COLA increase of 2.63% is applied, a family of four could see their benefits increase to $998.
Where can I find more information about my SNAP benefits and the upcoming COLA adjustment?
For more information, visit the official USDA website or contact your local SNAP office.