In 2024, an individual in the United States who qualifies for Supplemental Security Income (SSI) will get up to $943. However, there has been a 2.5% COLA rise, which will not take effect until December 31, 2024.
How can an SSI payment be due on December 31 when it is generally due on the first of the month? This is because January 1, 2025 is a federal holiday. In 2024, retirees can expect to receive a cheque or direct payment for up to $967.
Supplemental Security Income amounts on December 31 due to COLA
Depending on your payment amount, you may receive more or less money following this boost. For example, if your Supplemental Security Income payment is $100, you will only receive an additional $2.50 beginning December 31.
That means:
- 5 extra dollars if your SSI check is worth $200
- 7.5 extra dollars if your check is worth $300
- 10 extra dollars if your check is worth $400
- 12.5 extra dollars if your check is worth $500
- 15 extra dollars if your check is worth $600
- 17.5 extra dollars if your check is worth $700
- 20 extra dollars if your check is worth $800
- 25 extra dollars if your check is worth $1,000
Who can receive more than $967 from their SSI payment on Dec. 31, 2024?
The maximum SSI benefit for these recipients is $1,450 if they are a married couple. This sum has increased from $1,415. As a result, the 2025 COLA will provide a $35 increase.
An essential individual may also be eligible for Supplemental Security Income payments. However, the maximum amount for these individuals will increase to $484, up from $472.
For your information, SSI can be used by those with low incomes and few or no resources. Nonetheless, there is one more criteria among these three: being at least 65 years old, having a disability, or being blind. It will be an excellent supplement if you receive a low Social Security (retirement or SSDI) payout.
How often is the COLA calculated and when will future adjustments take effect?
The cost-of-living adjustment (COLA) for Social Security benefits is determined annually and is effective the following year. Here are the main points regarding the COLA computation and timing:
- The COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year to the third quarter of the current year.
- If there is no increase in the CPI-W, there is no COLA for the next year.
- The COLA is announced each October and takes effect with the December benefits that are paid in January.
- For 2025, the COLA will be 2.5%. This increase will begin with benefits payable to Social Security beneficiaries in January 2025.
- Increased payments to SSI recipients will begin on December 31, 2024.
- COLA notices informing beneficiaries of their new benefit amount are typically mailed out in early December. Most beneficiaries can view their COLA notice online in early December, via their my Social Security account, before receiving it in the mail.
Also See:- 5 days to receive your next SSDI payment of $1,542 from Social Security