If you live in the United States and get Supplemental Security Income, your COLA (Cost-of-Living Adjustment) payment will be on its way soon. In reality, the people who will get the increase for 2025 in 2024 will be those who get SSI. The boost will not be added to any other Social Security benefit this year.
People who are retired or getting SSDI will have to wait until January 2025 to get the extra 2.5% per month. Many of you must be wondering why people who get SSI will get the hike in the COLA in 2024 instead of 2025.
Social Security and the SSI payment for January in December with COLA
The payment for SSI for January 1, 2025, will come from the Social Security Administration (SSA) on December 31, 2024. Because January 1 is a Federal Holiday, this payment has been moved to a different date.
Don’t forget that today is New Year’s Day in the United States. All banks, credit unions, and SSA offices will be closed, so the money needs to be sent to the recipients’ bank accounts ahead of time to avoid delays.
For your information, SSI is a government program for Americans with low incomes. So, they do need the money, and checks must always be sent on time so that recipients don’t have to worry about their money.
Social Security unveils the SSI amounts for 2025 with COLA
Individuals who get SSI will be able to get up to $967 on December 31, 2024. This is up from $943. It’ll only be about $24 extra a month, but over the course of a year, it will add up to $288.
Every month, SSI will be sent. If you get it twice, it’s because the payment is sent early each month. You should save the money for the next month. The same thing you did with your December SSI payment: save this money for January. It’s not a bonus.
Couples who are married will get up to $1,450, up from $1,415. Up to $35 extra per month, or $420 extra in just one year, thanks to this boost. Plus, important people will get up to $484, up from $472.