Do not miss out on this Federal payment which will come in 2025 with a 2.5% COLA increase. Social Security does not fund the Supplemental Security Income program, but you can start your SSI application for it on the Administration’s website (https://www.ssa.gov/apply/ssi) or get an appointment in one of its offices. To qualify, it will not be enough to have no income and no resources.
Keep in mind that Social Security will only give approval to get SSI payments if you also have a disability (or are blind) or are at least 65 years old. However, it will be necessary to file, or else, you cannot receive up to $11,604 per year from the Federal Government.
SSI payments can give you up to $11,604 per year
Thanks to the 2025 COLA increase all Social Security and Supplemental Security Income payments will go up. In this way, recipients will be able to cope with inflation and soaring prices better.
The new maximum amount will be $967 per month for individuals on SSI payments. The current amount in 2024 is $943. So, the boost will be about 24 dollars extra per month.
The maximum amount per year in 2024 is just $11,321.49. Therefore, all SSI recipients who qualify will get up to $283 extra per year.
When will SSI payment amounts increase?
Despite the fact that the COLA increase will be for 2025, SSI recipients will get the boost before 2024 comes to an end. In fact, Supplemental Security Income will be the first recipients to get the 2.5% extra after COLA.
Social Security beneficiaries getting either SSDI or retirement benefits will get the boost from January 3, 2024. So, when will SSI beneficiaries get this low increase?
SSA stated that December 31 will be the January payment date for Supplemental Security Income. So, New Year’s Eve will be when 7.5 million Americans will get this extra money. Read the next SSI article for eligible married couples.
Source: SSA: https://www.ssa.gov/oact/cola/SSI.html#:~:text=The%20monthly%20maximum%20Federal%20amounts,%24484%20for%20an%20essential%20person.