The Supplemental Security Income (SSI) payment is up to $943 for an individual who qualifies in the United States in 2024. However, there has been a 2.5% COLA increase, which will not come into effect until December 31, 2024.
How can an SSI payment be due on December 31 if they are usually due on the first day of the month? This is because January 1, 2025, is a Federal Holiday. So, retirees can receive their check or direct deposit worth up to $967 in 2024.
Supplemental Security Income amounts on December 31 due to COLA
Depending on your payment amount, you can receive more or less money after this boost. For example, if your Supplemental Security Income payment is worth $100, you will only receive 2.5 dollars extra from December 31 onward.
That means:
- 5 extra dollars if your SSI check is worth $200
- 7.5 extra dollars if your check is worth $300
- 10 extra dollars if your check is worth $400
- 12.5 extra dollars if your check is worth $500
- 15 extra dollars if your check is worth $600
- 17.5 extra dollars if your check is worth $700
- 20 extra dollars if your check is worth $800
- 25 extra dollars if your check is worth $1,000
Who can receive more than $967 from their SSI payment on Dec. 31, 2024?
The largest SSI payment for these recipients is $1,450 if you are an eligible married couple. This amount is up from $1,415. Therefore, there will be a boost of 35 dollars thanks to the 2025 COLA.
An essential person may also receive Supplemental Security Income payments. However, the maximum amount for these recipients will be up to $484, up from $472.
For your information, SSI can be for people who have a low income and little or no resources. Nevertheless, there is one more condition out of these 3, being at least 65 years old, having a disability, or being blind. It will be a great supplement if you have a low Social Security (retirement or SSDI) check.
How often is the COLA calculated and when will future adjustments take effect?
The cost-of-living adjustment (COLA) for Social Security benefits is calculated annually and takes effect the following year. Here are the key points about the COLA calculation and timing:
- The COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year to the third quarter of the current year.
- If there is no increase in the CPI-W, there is no COLA for the next year.
- The COLA is announced each October and takes effect with the December benefits that are paid in January.
- For 2025, the COLA will be 2.5%. This increase will begin with benefits payable to Social Security beneficiaries in January 2025.
- Increased payments to SSI recipients will begin on December 31, 2024.
- COLA notices informing beneficiaries of their new benefit amount are typically mailed out in early December. Most beneficiaries can view their COLA notice online in early December, via their my Social Security account, before receiving it in the mail.