The Supplemental Security Income (SSI) payment schedule for late 2024 and early 2025 includes important updates.
If you’re eligible for SSI, understanding the changes due to the cost-of-living adjustment (COLA) is essential for planning your finances.
SSI $967 Payment
Typically, SSI payments are issued on the first of each month. However, due to January 1 being a federal holiday, the January 2025 SSI payment will be disbursed on December 31, 2024. This payment reflects the 2.5% COLA increase, which will boost the maximum individual payment to $967.
Payment Increases by COLA
The 2.5% COLA adjustment ensures a slight increase in SSI payments. Here’s a quick breakdown of how the COLA increase applies to various SSI payment amounts:
| Current Payment | COLA Increase | New Payment |
|---|---|---|
| $100 | $2.50 | $102.50 |
| $300 | $7.50 | $307.50 |
| $600 | $15.00 | $615.00 |
| $800 | $20.00 | $820.00 |
| $1,000 | $25.00 | $1,025.00 |
Maximum Payments
- Individuals:Â $967 (up from $943).
- Married Couples:Â $1,450 (up from $1,415).
- Essential Persons:Â $484 (up from $472).
These adjustments aim to provide additional financial relief, especially as inflation impacts daily living expenses.
Eligibility and Conditions
SSI payments are designed for individuals with limited income and resources. Eligibility criteria include:
- Age:Â At least 65 years old.
- Disability or Blindness:Â For those younger than 65.
- Low Income:Â Little to no financial resources.
SSI also complements low Social Security (retirement or SSDI) payments, providing extra support for individuals with greater financial needs.
Understanding COLA Adjustments
The cost-of-living adjustment (COLA) is recalculated annually based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Here’s how it works:
- COLA increases are announced each October.
- New COLA-adjusted payments begin with December benefits paid in January.
- For 2025, the 2.5% COLA will take effect with benefits payable on December 31, 2024.
Beneficiaries are informed about the COLA adjustments via notices mailed in December or through the my Social Security online portal.
The upcoming SSI payment on December 31 ensures recipients can benefit from the 2025 COLA adjustment before the New Year.
While the increases might seem small, they provide critical support for those who rely on SSI for their basic needs. If you’re eligible, be sure to check your payment details and prepare for the updated schedule.
