About 7.5 million Americans receiving Supplemental Security Income (SSI) are eager to learn when the 2025 cost-of-living adjustment (COLA) will affect their payments. The 2.5% COLA boost will raise individual benefits from $943 to $967 in late 2024. Here’s a detailed breakdown of the changes and how they will impact payments.
Payments
Typically, SSI payments are issued on the first day of the month. However, due to January 1, 2025, being a federal holiday, the adjusted payments will be made on December 31, 2024. This ensures recipients get their benefits on time, reflecting the COLA increase without delay.
Payment Amounts
For individual recipients, the maximum SSI payment will rise from $943 to $967. This increase of $24 accounts for the 2.5% COLA adjustment. Other payment amounts will also increase, depending on the recipient’s original monthly benefit.
COLA
The COLA adjustment adds a small percentage to each SSI payment. Here’s a quick overview of the extra money recipients can expect:
| Current SSI Payment | Extra Amount After COLA | New Payment Total |
|---|---|---|
| $100 | $2.50 | $102.50 |
| $200 | $5 | $205 |
| $300 | $7.50 | $307.50 |
| $400 | $10 | $410 |
| $500 | $12.50 | $512.50 |
| $600 | $15 | $615 |
| $700 | $17.50 | $717.50 |
| $800 | $20 | $820 |
| $1,000 | $25 | $1,025 |
Maximum Payments
Some recipients may qualify for payments higher than $967. For example:
- Eligible Married Couples: The maximum payment will rise from $1,415 to $1,450, an increase of $35.
- Essential Persons: An essential person who provides necessary care will see payments rise from $472 to $484, an increase of $12.
Who Qualifies
SSI is designed to assist individuals with limited income and resources. To qualify, you must meet at least one of the following criteria:
- Be 65 or Older: Age-based eligibility ensures older adults with low income can access financial support.
- Have a Disability: Individuals unable to work due to a disability may qualify for SSI.
- Be Blind: Blind individuals with low income are eligible for these payments.
Benefits
SSI serves as a valuable supplement for those receiving low Social Security checks, whether from retirement benefits or SSDI (Social Security Disability Insurance). It ensures that individuals with limited resources still receive essential financial support.
FAQs
When will the 2025 COLA increase apply to SSI payments?
The COLA increase will take effect on December 31, 2024.
Why is the SSI payment due on December 31 instead of January 1?
January 1 is a federal holiday, so payments are issued early.
What is the new maximum SSI payment for individuals in 2025?
The maximum SSI payment will increase to $967 per month.
How much will married couples receive in SSI payments?
Eligible married couples will receive up to $1,450 per month.
Who qualifies for SSI benefits?
Those aged 65 or older, disabled, or blind with limited income qualify.
