SSI is a payment for Americans who have little or no resources and have a low income. What is more, they must have a disability, or be blind or be 65 years old or older. The Supplemental Security Income payments will increase after the COLA boost.
In fact, they will go up by 2.5% regardless of your payment amount. So, all SSI recipients will take advantage of this increase. In this way, they can deal with inflation and soaring prices a little better. Although it may not be enough for many beneficiaries.
When will SSI recipients obtain the COLA increase?
Supplemental Security Income beneficiaries will receive the COLA increase on December 31, 2024. These Federal payments cannot be sent on January 1, 2025, because it is a holiday.
SSA can never schedule payments on the weekend or on holidays. Do not forget that offices are not open on these days, so it must be done when banks and offices are open to avoid any possible delay.
Since over 7.5 million Americans receive these checks because they have a low income, any delays would cause financial hardship. In this way, SSA sends direct deposits and checks 1 day ahead of schedule.
SSI recipients and the maximum amounts after the 2025 COLA
The average SSI payment for all recipients is about $698 as of August 2024. If these average payments increase by 2.5%, they will become $715 after COLA. The current maximum amounts are:
- $472 for essential persons
- $943 for individuals
- $1,415 for eligible married couples
SSI maximum amounts after the cost-of-living adjustment (COLA):
- $484 for essential persons
- $967 for individuals
- $1,450 for eligible married couples
Do not forget that all eligible SSI recipients will get their December payment on the 1st. Then, the January check with the COLA boost will be in your bank account on December 31, 2024, if you qualify. Those citizens who have new earnings must report them in case they affect amounts or eligibility.