In 2024, an individual in the United States who qualifies for Supplemental Security Income (SSI) will get up to $943. However, there has been a 2.5% COLA rise, which will not take effect until December 31, 2024.
How can an SSI payment be due on December 31 when it is generally due on the first of the month? This is because January 1, 2025 is a federal holiday. In 2024, retirees can expect to receive a cheque or direct payment for up to $967.
Other SSI amounts on December 31 due to COLA
Depending on your payment amount, you may receive more or less money following this boost. For example, if your Supplemental Security Income payment is $100, you will only receive an additional $2.50 beginning December 31.
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 maximum SSI benefit for these recipients is $1,450 if they are a married couple. This sum has increased from $1,415. As a result, the 2025 COLA will provide a $35 increase.
An essential individual may also be eligible for Supplemental Security Income payments. However, the maximum amount for these individuals will increase to $484, up from $472.
For your information, SSI can be used by those with low incomes and few or no resources. Nonetheless, there is one more criteria among these three: being at least 65 years old, having a disability, or being blind. It will be an excellent supplement if you receive a low Social Security (retirement or SSDI) payout.
Also See:- $3,089 Social Security payment unveiled for senior couples who are both on benefits