Not every SSI recipient qualifies for the same amount. In fact, just a few are eligible for the full benefit payments in 2024 or 2025. Currently, the Supplemental Security Income program can provide beneficiaries with approximately $698 on average.
However, if you do not receive any reductions due to a lack of incomes or resources, you could pay up to $967 if you are an individual in 2025.
Married couples who are both on benefits will receive up to $1,450 in 2025. However, if you are an essential person, you will only receive up to $484 in 2025. The rise following the COLA hike for 2025 will be only 2.5%.
SSI payment amounts depend on your financial situation
As a result, depending on your financial status, you may receive a greater or lower payment from the federal government within the limits established for 2025. For example, seniors 65 and above receive an average of $575.
This could be because they primarily get Social Security retirement benefits. As a result, they receive reductions rather than full amounts. On average, people under the age of 18 earn significantly more. Actually, they will receive approximately $818 in November 2024.
As a result, they will shortly receive a small boost when the 2025 COLA adjustment goes into effect. However, when will the next Supplemental Security Income payments be issued?
SSI payment before 2024 comes to an end
According to the Social Security Administration, the January SSI payment will be the last payday in 2024. The Agency has scheduled this payment on December 31, 2024.
In fact, it will be 24 hours before the benefit should arrive. This is because Social Security does not make payments on federal holidays, and January 1 is New Year’s Day.
Remember that the SSI program never provides bonuses or additional payments. Although you may receive two payments each month, one is for the following month and has recently been issued ahead of schedule.
Also See:- More Social Security payments in 2024: Here’s how to get checks with Cost of Living 2025 included