A new and more accurate COLA estimate for Social Security payments has been released by the Senior Citizens League. Their experts usually get it right, so people who get SSI can get an idea of how much money they might get in the future.
People with low incomes who are blind, disabled, or at least 65 years old can get SSI funds. This means that if you don’t get these payments of up to $943 for people, you could do this. Let’s take a close look at the most recent COLA plan.
SSI & the Social Security 2025 COLA projection
According to the Senior Citizens League, Social Security payments could go up by 2.5% to keep up with inflation. So, people who get SSI can also expect a boost. The only thing that is missing is the September inflation rate.
It’s very possible that the COLA prediction will come true if not many things change. Remember that the Senior Citizens League was right when they said that Social Security would get a COLA raise in 2024.
It might not seem like a lot of money to get 2.5% more in Supplemental Security Income. Still, it’s better than not getting any extra cash at all. In any case, cutting benefits would have been a lot worse.
SSI benefits could be like this after the 2025 COLA increase by Social Security
Supplemental Security Income payments could go up to $966 if you get the most money possible. Compared to the amount that is now $943, it will be about $23 more.
Remember that the 2025 COLA would mean getting an extra $282 a year. So, getting this extra money is very important, even if it’s only 2.5%. It looks like the rise is bigger the more you pay.
For instance, if you are married and qualified for $1,415, you could get around $1450. So, if you get $1,415 a month from SSI, the 2025 COLA boost will mean getting $35 more.