There are more than 50 million retirees who will not get their 2025 COLA raise from Social Security until January. In fact, people who get SSI will get more money from the Federal Government because of the COLA increase before the end of 2024.
A lot of retirees and people who get SSDI don’t understand why they have to wait until January to get this boost while people who get SSI get it in 2024. It’s easy to say. There are only a few days left until the next pay cheque. That means it won’t be for a long time. In any case, Social Security only sends money on work days.
SSI payments with COLA increase for January 2025 in December 2024
But because of this, the Social Security Administration had to move the SSI payment from January 1 to December 31, 2024. This is because January 1 is a holiday in the United States.
In other words, people who get SSI will get the 2025 COLA raise 24 hours early, in 2024. Retirees will get their January payment on 4 different due dates.
For instance, on January 3, 2025, the first payment for retirees with the 2025 COLA raise will be sent out. The other seniors will have to wait until January 8, 15, or 22. To sum up:
- SSI is due on December 31 for January
- Social Security on January 3
- Social Security on January 8
- Social Security on January 15
- Social Security on January 22
How much will the 2025 COLA increase boost Social Security and SSI benefits?
From what the Senior Citizens League says, the COLA could go up by about 2.5%. With each new projection, this rise keeps going down. In fact, it might be a little lower.
In any case, people who get Social Security or SSI will need this boost to keep their purchasing power. Extra $23 a month could be added if your payment is worth the most, $943.
With this COLA estimate for 2025, the most that Supplemental Security Income recipients could get is $966. The most you can get as a married couple is $1,415 in 2024. After the cost of living adjustment (COLA), it could go up to $1,450 in 2025.