When an American doesn’t have much or any money and doesn’t make much, they can get SSI. Plus, they must have a handicap, be blind, or be at least 65 years old. After the COLA boost, the amounts for Supplemental Security Income will go up.
In fact, they will go up by 2.5% no matter how much you pay. This means that everyone who gets SSI will benefit from this rise. This will help them deal with rising prices and inflation a little better. It might not be enough for many of the people who will benefit, though.
When will SSI recipients obtain the COLA increase?
The COLA raise will be given to people who get Supplemental Security Income on December 31, 2024. The Federal Government can’t send these checks on January 1, 2025, because that day is a holiday.
SSA can never make payments on holidays or the weekend. Don’t forget that offices are closed on these days. To avoid any delays, it needs to be done when banks and offices are open.
For over 7.5 million Americans, these checks are a source of income, so any delays would make it hard for them to pay their bills. This is how SSA sends checks and direct transfers one day early.
SSI recipients and the maximum amounts after the 2025 COLA
By August 2024, the average SSI payment for everyone will be around $698. After COLA, these average amounts will be $715 if they go up by 2.5%. At the moment, the highest amounts are:
- $472 for essential persons
- $943 for individuals
- $1,415 for eligible married couples
SSI maximum amounts after the cost-of-living adjustment (COLA):
- $484 for essential persons
- $967 for individuals
- $1,450 for eligible married couples
Don’t forget that everyone who is qualified for SSI will get their December payment on December 1. If you are eligible, the January check with the COLA boost will arrive in your bank account on December 31, 2024. If a person makes more money, they need to report it in case it changes their amounts or eligibility.
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