New estimates suggest that Social Security recipients will receive an additional $60 per month next year to assist with the increasing cost of living.

Social Security Income to Experience $60 Monthly Boost

The benefits, distributed to 71 million Americans, increase annually in accordance with inflation, which has proven to be persistently resistant to change.

The average retirement benefit of $1,907 per month would be increased to $1,968, providing an additional $61.

According to Daily Mail, Social Security benefits recipients have already experienced a 3.2 percent boost to their payments from 2023 to 2024. In the previous year, they experienced a significant increase of 8.7 percent, primarily due to high levels of inflation.

For the past 20 years, there has been an annual increase called the "cost-of-living adjustment" (COLA), which has averaged a 2.6 percent rise each year.

The COLA calculation is tied to fluctuations in the Consumer Price Index (CPI). 

New data released yesterday reveals a slight decrease in the annual inflation rate, which dropped from 3.5 percent in March to 3.4 percent in April.

Nevertheless, the rate still exceeds the Federal Reserve's target of 2 percent, which must be met before any interest rate cuts are implemented.

READ MORE: Texas Residents Win to Preserve Historic 19th-Century Farm Amid Mall Development Battle 

What Are the Potential Savings on SSI?

Due to the government's assistance, there are certain limitations on the amount of assets a person receiving SSI can retain, including a savings account. 

Starting from 2024, individuals receiving SSI benefits must ensure that their assets do not exceed $2,000, while couples must keep their assets below $3,000, as per Go Banking Rates. 

There are certain exceptions that are not factored into your asset value, such as:

• Your home and the land it's on, as long as you live there

• Each household is limited to one vehicle.

• The majority of your personal belongings and household goods

• Any property that is not sellable or usable

• Information on state SSI supplement payments

• Supplemental Nutrition Assistance Program (SNAP) benefits, commonly known as food stamps

• Assistance for affordable housing

• Claiming rent rebates or property tax refunds

• Temporary Assistance for Needy Families (TANF)

• Additional costs related to disability or visual impairment.

READ MORE: Earned Income Tax Credit Eligibility: Why You May Not Qualify and Steps to Become Eligible