If you qualify for Supplemental Security Income in the United States, the COLA (Cost-of-Living Adjustment) will be deposited into your bank account shortly. Indeed, SSI recipients will benefit from the 2025 rise in 2024. As a result, the increase will not be applied to any other Social Security benefits this year.
Retirees and SSDI (disability) recipients will have to wait until January 2025 to receive the extra 2.5% every month. Many of you may be asking why SSI recipients will receive a COLA boost in 2024 rather than 2025.
Social Security and the SSI payment for January in December with COLA
The Social Security Administration (SSA) will issue the January 1, 2025 SSI payment on December 31, 2024. This payment has been postponed primarily because January 1 is a federal holiday.
Remember that this is the day that Americans celebrate New Year’s Day. Because all financial institutions, banks, and SSA offices will be closed, payments must be made to beneficiaries’ bank accounts in advance to minimize delays.
For your knowledge, SSI is a federal program for low-income Americans. As a result, they require the funds, and checks must be sent on time to prevent beneficiaries from experiencing financial insecurity.
Social Security unveils the SSI amounts for 2025 with COLA
Individual SSI recipients can now get up to $967 per month beginning December 31, 2024, up from $943 before. The COLA increase will only be about 24 dollars, but it will result in an extra $288 over 12 months.
SSI will be sent once a month. If it is sent twice, it is because it is a monthly payment sent in advance, therefore save the money for the next month. Just with the SSI payment in December, you must save this money for January because it is not a bonus.
Eligible married couples can get up to $1,450, up from $1,415. This increase will be up to $35 more every month, for a total of $420 in just one year. The important person will receive up to $484, up from $472.