SSI recipients will be the first Americans to receive the 2025 COLA boost. This will be a smaller than-expected COLA, but still it will be beneficial since all beneficiaries will get 2.5% extra.
Thus, it could have been worse to get a reduction or no increase at all. Anyway, a 2.5% increase thanks to COLA will mean the maximum amount for an individual on SSI will be $966, up from $943.
How much money extra will SSI recipients get after the 2025 COLA increase?
This will be easy to work out since the current maximum amount for an individual is just $943 and it will be about $967. So, the monthly increase will be about 23 dollars thanks to the 2025 COLA.
Bear in mind that there will be different maximum amounts if you are an eligible married couple. For example, the maximum amount for a married couple in 2024 is $1,415.
After the 2025 COLA, eligible married couples will be able to get a monthly payment of up to $1,450. Therefore, this boost will be about $35 per month. Essential persons have a much lower payment in 2024. Since they can get up to $472 in 2024, their 2025 payment will be up to $484.
COLA increase in a whole year for SSI payments
Those SSI recipients who get $967 in 2025 will get 24 dollars extra per month. In 12 months, they will receive $288. This amount will be higher for eligible married couples who qualify for the largest payment for 2, $1,450.
Married couples on Supplemental Security Income can receive up to $420 extra in 12 months. Therefore, it would be a great idea to save this additional money after COLA and save it to have an emergency fund. Essential persons could get a boost of 12 dollars per month.
Hence, they will just receive $144 extra per year if they qualify for the maximum amount. If compared to the retirees’ average increase per month, Supplemental Security Income recipients get a lot less. Retirees will get $50 extra per month on average thanks to the 2025 COLA increase in payments.
