Each year, millions of retirees living in the United States await the release of the next period’s Cost of Living Adjustment (COLA).
These increases are necessary, especially in the current period, due to the high level of inflation in the country.
However, there are two sides to this phenomenon. A key aspect to remember is that each yearly increase in COLA has a direct impact on the benefits provided by certain social assistance programs.
This is the case with the popular Supplemental Nutrition Assistance Program (SNAP).
For example, at the beginning of this year, more than 130,000 Louisiana households will see their monthly income reduced by $27 through SNAP.
The Family Independence Temporary Assistance Program (FITAP) and the Kinship Care Subsidy Program (KCSP) will also suffer similar reductions.This was announced in a statement release Louisiana Department of Children and Family Services (DCFS).
“DCFS encourages SNAP households to report any changes in their household size, income, or expenses. Certain changes may result in an increase in your regular benefit amount,” the department emphasized.
Coke to increase by 2024
As the Social Security Administration (SSA) announced last October, COLAs will increase by 3.2% in 2024.
According to calculations published by the SSA, the average monthly income of individual Social Security recipients will increase by more than $50 per month. $1,827.00 was paid last January and the current amount is $1,885.00.
Several experts estimate that 130,409 SNAP households (about 33% of all eligible households in Louisiana) will face an average reduction of $27.42. These monthly benefits will begin to decrease in January.