The Cost of Living Adjustment (COLA) for 2024 has been announced, with a 3.2% increase set to take effect. While this news is generally welcomed by retirees in the United States, it has raised concerns for those who rely on social assistance programs.
The increase in COLA directly affects the benefits provided by programs such as the Supplemental Nutrition Assistance Program (SNAP). In the state of Louisiana, more than 130 thousand families are expected to see a reduction of $27.00 USD in their monthly SNAP benefits due to the COLA increase.
Additionally, the Family Independence Temporary Assistance Program (FITAP) and the Kinship Care Subsidy Program (KCSP) will also experience a decrease in benefits as a result of the COLA adjustment. The Louisiana Department of Children and Family Services (DCFS) has urged SNAP households to report any changes in their household size, income, or expenses, as certain changes could result in an increase in the regular benefit amount.
The Social Security Administration (SSA) has stated that the average increase in monthly income for individual Social Security beneficiaries will be more than $50.00 USD. While the increase is generally positive for retirees, it is important to consider the impact it has on social assistance programs and the individuals who rely on them.
As the COLA adjustment takes effect, it is crucial for policymakers and agencies to consider the potential implications for vulnerable populations. As experts estimate that a significant number of SNAP households in Louisiana will face a reduction in benefits, it is important to address the potential impact of the COLA increase on social assistance programs and provide support for those who may be affected.