The COLA (Cost-of-Living Adjustment) will soon be in your bank account if you qualify for the Supplemental Security Income payment in the United States. As a matter of fact, SSI recipients will be the beneficiaries who will get the increase for 2025 in 2024. So, no other Social Security benefit will be issued with the boost this year.
Retirees and SSDI (disability) recipients will have to wait until January 2025 to obtain the 2.5% extra per month. By now, many of you must be wondering why SSI recipients will get the COLA increase in 2024, and not in 2025.
Social Security and the SSI payment for January in December with COLA
The Social Security Administration (SSA) will issue the January 1, 2025, payment for SSI on December 31, 2024. The main reason why this payment has been rescheduled is because January 1 will be a Federal Holiday.
Remember that it is the day when Americans celebrate New Year’s Day. Since all financial institutions, banks and SSA’s offices will be closed, the payment need to be delivered to recipients’ bank accounts in advance to avoid delays.
For your information, the SSI benefit is a Federal program for low-income Americans. Therefore, they do need the money and checks must always be on time to avoid financial insecurity among recipients.
Social Security unveils the SSI amounts for 2025 with COLA
On December 31, 2024, SSI recipients can receive up to $967 if they are an individual, up from $943. The COLA boost will just be about 24 dollars but it will mean getting $288 extra in 12 months.
SSI will be sent once per month. If it is sent twice it is because it is a monthly payment sent in advance, so you should keep the money for the next month. Just like the SSI payment in December, you must save this money for January as it is not a bonus.
Eligible married couples will get up to $1,450, up from $1,415. This boost will be up to $35 dollars extra per month, so a total of $420 in just one year. And essential person will get up to $484, up from $472.