A federal payment known as SSI is given to low-income people who have little to no resources. Be advised that these benefits will increase in value before Social Security benefits do. This is due to the fact that the January Supplemental Security Income will be paid out sooner than usual.
The first of the month is usually when SSI payments are made. But according to Social Security, they have to be sent the previous working day if they fall on a weekend or a federal holiday. In contrast to retirement and SSDI benefits, Supplemental Security Income cheques are financed by the federal government.
The exact date SSI benefits will increase
Payments of Supplemental Security Income will rise on December 31, 2024. The SSA has scheduled this monthly payment 24 hours ahead of time because New Year’s Day is not a work day.
Retirees who have already depleted their savings will greatly benefit from receiving this SSI payout early. Not to mention that it will help to have a little extra money. Benefits from SSI will rise by about $17 on average.
Compared to the average $50 increase Social Security predicts for senior retirees, it is less than $20. Keep in mind that this benefit is an addition to your income, not your main source. Because of this, many eligible claimants receive a reduction from the Social Security Administration and do not qualify for the full amount.
SSI maximum amounts after 2025 COLA
The 2025 COLAhike increases SSI benefits to $1,450 for eligible married couples and $967 for individuals. At the moment, singles pay $943 and married couples pay $1,415.
Following the 2025 COLA, essential employees will receive up to $484 instead of $472. Here are three more fascinating statistics regarding SSI benefits:
- these benefits may arrive twice per month when a check is issued in advance
- some non-citizens may qualify for these benefits, check eligible categories of non-citizens
- can be collected while on Social Security or SNAP benefits
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.