SSI recipients are looking forward to receiving the 2025 COLA boost. However, they will have to wait for a few months until they get it. In fact, the Social Security Administration will not announce the new COLA figure until October 10, 2024.
So, first, SSI beneficiaries will learn about the exact COLA amount. As of July 2024, the latest COLA projection is about 2.63% according to a recent report from the Seniors Citizen League. Thus, it is a good reason to await this necessary boost even if for some it may seem too low.
How many SSI paydays are there before the 2025 COLA?
According to the Social Security Administration’s payment schedule, there are just 4 SSI paydays left before recipients can enjoy the 2025 COLA. Therefore, the final countdown has already started.
Supplemental Security Income recipients will get a payment with the 2025 COLA boost on December 31, 2024. As you may have guessed, the January payment will be due in 2024 because January 1 is a Federal holiday.
For your information, Supplemental Security Income payments are not for Americans who exceed the income and resource limits. Hence, you will have to report any income changes to avoid overpayments. Of course, you will receive the upcoming payments as long as you remain eligible.
Next 4 SSI payments and amounts
The nearest Supplemental Security Income payment will be arriving on August 30. This will be your check or direct deposit for September. Since September 1 falls on Sunday, you will receive your payment 2 days in advance.
Thus, if you pay close attention to Social Security’s payment schedule, you cannot see the SSI payday in September because it has been sent ahead of schedule. The October payment will be delivered on the 1st.
In the same way, the SSI payment for November will be in your bank account on the 1st too. The last payment before the one with the 2025 COLA will arrive on November 29. In fact, it is the December payment sent on the previous business day. December 1 is Sunday, and there are no payments on weekends.
- SSI payment with the 2025 COLA increase on December 31 (January 1 payment in advance)