SSI payouts will increase by 2.5% by December 31, 2024. This means that Supplemental Security Income recipients will receive an additional 2.5 dollars for every 100 dollars received from the federal government. For example, if you received $943 on November 29, 2024 and are still eligible, you will receive $967 on the 31st. Individuals qualified for the maximum amount will receive an additional $24 per month.
With 12 SSI payments each year, multiplying by 24 yields $288 in one year. This applies exclusively to those who are still eligible for $967 in 2025. It is possible that you will lose eligibility as your financial condition improves. So, notify any changes to SSA as soon as they occur.
Will any other SSI categories receive a higher boost?
Actually, if you are an eligible married couple, you can earn a greater payout, but only for two persons. In 2024, the maximum SSI amount is $1,415, which will increase to $1,450 in 2025 due to the COLA increase.
In their situation, eligible married couples will receive an additional $35 each month. Couples who receive an extra $35 per month and do not receive a cut from Social Security will receive an additional $420 annually.
Without a doubt, this extra money must be divided by two because you both qualified. Each qualified person will earn an extra $210 every year. Individuals receive $288 more per year, which is $78 less.
What will be the SSI boost per year for average payments?
As of October 2024, SSI participants received an average payment of $697. Social Security’s average payments alter little from month to month.
As a result, using this average amount will be beneficial, even if it is from October. In 2024, a $697 Supplemental Security Income payment will increase qualified recipients’ annual income by approximately $204.
Supplemental Security Income benefits are also available to essential individuals. Their current value is $472, and it will increase to $484 in 2025. Their annual increase in the twelve installments will be $144.
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