The Supplemental Security Income payment is known as SSI. Over 7 million Americans get payments every month from it. In fact, they get this money because they don’t make much money and don’t have many means.
The only other requirements are that they must be at least 65 years old or have a disability (or be blind). In August 2024, both adults and children will be able to get SSI funds.
SSI possible amounts after the 2025 COLA
If the COLA for SSI went up by 2.57 percent, people who get it would get an extra $2.57 for every $100 they get from the government. Let’s look at the following list of possible amounts:
- Supplemental Security Income beneficiaries who get $1,000 in 2024: after a likely 2.57% COLA boost they could get $1,025.7.
- Supplemental Security Income beneficiaries who get $900 in 2024: after a likely 2.57% COLA boost they could get $923.13.
- Supplemental Security Income beneficiaries who get $800 in 2024: after a likely 2.57% COLA boost they could get $820.56.
- Supplemental Security Income beneficiaries who get $700 in 2024: after a potential 2.57% COLA boost they could get $717.99.
- Supplemental Security Income beneficiaries who get $600 in 2024: after a probable 2.57% COLA boost they could get $615.42.
- Supplemental Security Income beneficiaries who get $500 in 2024: after a likely 2.57% COLA boost they could get $512.85.
- Supplemental Security Income beneficiaries who get $400 in 2024: after a potential 2.57% COLA boost they could get $410.28.
What is the history of COLA adjustments for SSI and Social Security benefits over the past decade?
The following Cost-of-Living Adjustments (COLAs) have been made to Social Security and Supplemental Security Income (SSI) payments over the past ten years:
- 2023: 3.2%
- 2022: 8.7%
- 2021: 5.9%
- 2020: 1.3%
- 2019: 1.6%
- 2018: 2.8%
- 2017: 2.0%
- 2016: 0.3%
- 2015: 0.0%
- 2014: 1.7%
SSI & the latest COLA projection for Social Security
The Senior Citizens League has made a big news for people who get Social Security or SSI. It looks like this month’s COLA prediction, of 2.57%, was smaller than this month’s.
Remember that the number that was released for July was a little higher. We now expect the COLA to be 2.57%, which is less than the 2.63% we predicted in July. That means people who get SSI will get more money, but not as much as was planned.
Still, it’s not a bad thing because it means prices aren’t going up and inflation isn’t very high. Another study from the Senior Citizens League, on the other hand, showed that over the last 14 years, Social Security benefits have lost about 20% of their purchasing power.
Just so you know, the first payment of Supplemental Security Income with the new COLA will be made on December 31, 2024.