SSI is the Supplemental Security Income benefit. It provides monthly payments to over 7 million Americans. As a matter of fact, they receive this money because they have a low income and little or no resources.
Apart from these 2 requirements, they must either be 65 years old or older or have a disability (or be blind). Both adults and children can qualify for SSI payments in August 2024.
SSI possible amounts after the 2025 COLA
If there were a 2.57 percent COLA increase for SSI, recipients would get $2,57 extra for each 100 dollars they receive from the Federal government. So, let’s have a look at the possible amounts in the following list:
- 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?
Over the past decade, Social Security and Supplemental Security Income (SSI) benefits have received the following Cost-of-Living Adjustments (COLAs):
- 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 an important announcement for Social Security and SSI recipients. The latest COLA projection of 2.57%, seems to be lower than last month´s.
Bear in mind that the figure unveiled for July was slightly higher. So, the new COLA projection of 2.57% is down from 2.63% in July. That implies that SSI recipients will get an increase but not as high as it was expected.
Still, it is not a negative thing because it means inflation is not high and prices are not increasing either. However, another report from the Senior Citizens League revealed that Social Security benefits have lost about 20 percent of their buying power in the last 14 years.
For your information, the first Supplemental Security Income payment with the COLA increase will be issued on December 31, 2024.