The first people in the US to get the 2025 COLA boost will be people who get SSI. Even though this is a smaller COLA than planned, it will still be good for everyone because they will get an extra 2.5%.
So, it might have been worse to get less money or nothing at all. With the 2.5% rise from COLA, the most a person can get from SSI will go up to $966, up from $943.
How much money extra will SSI recipients get after the 2025 COLA increase?
The current most a person can get is $943, so this will be easy to figure out. It will be around $966. That is, the 2025 COLA will cause the monthly rise to be about $23.
Pay attention to the fact that if you are married, the highest amounts will be different. In 2024, the most a married couple can get is $1,415 and up.
When the COLA goes up in 2025, married couples who are qualified will be able to get up to $1,450 a month. This boost will cost about $35 a month because of this. In 2024, essential people get paid a lot less. They can get up to $472 in 2024, so their payment in 2025 will be around $483.
COLA increase in a whole year for SSI payments
People who get SSI and get $966 a month in 2025 will get an extra $23 a month. They will get $276 in a year. If you are married and qualified, you will get the biggest payment of $1,450 for the two of you.
People who are married and get Supplemental Security Income can get an extra $420 a year. It would be smart to put this extra money aside after COLA so that you have it in case of a disaster. People who are really needed could get an extra eleven dollars a month.
So, if they qualified for the most money, they will only get an extra $132 a year. People who get Supplemental Security Income get a lot less than the average rise that retirees get every month. If you retire in 2025, you will get an extra $50 a month on average because of the COLA raise.