Over 7.5 million Americans are receiving the Supplemental Security Income program. The SSI program can pay up to $943 if you are an eligible individual, but this maximum amount will no longer be available. The same goes for those eligible married couples who have received the maximum payment amount worth $1,415 in 2024.
As a matter of fact, the December 1, 2024, payment was the last day to receive these maximum amounts. After it, the 2025 COLA increase will become effective and all recipients will get a 2.5% increase from the Federal Government. Social Security has confirmed the boost as long as you remain eligible for benefits.
When has Social Security issued the SSI payment for January?
The Social Security Administration has set the next January 2025 payment for SSI on December 31, 2024. Hence, all beneficiaries will get their check or direct deposit 1 day in advance.
Receiving money from the Federal Government is possible when your payment is due on a Federal Holiday. In these cases, the Agency changes the payday to the previous business day.
So, even if it is still 2024, you can receive your January payment for SSI in 2024 and not in 2025. Thus, it is not an extra payment or bonus, it is just the money sent ahead of schedule.
Goodbye to the old SSI maximum amounts
It is time to welcome the next SSI maximum amounts for those who qualify:
- Maximum amount for an individual: up to $967 ($943 in 2024)
- Maximum amount for an eligible married couple: up to $1,450 (up from 1,415)
- Maximum amount for an essential person: up to $484 (up from $472)
- an average payment will become about $714 (up from $697 as of October 2024)
The SSI payments are only for people who have no money at all or little money. What is more, they must also meet one of the conditions Social Security set. For example, you must have a disability, be at least 65 years of age, or be blind. For your information, the COLA increase takes place once every year and if inflation goes up. Sometimes payments may remain unchanged or even get a reduction.
