CONFIRMED – SSI payment of $967 with COLA increase will not be sent on January 1, here’s the new payday

An American who is eligible for Supplemental Security Income (SSI) will receive up to $943 in 2024. A 2.5% COLArise has been implemented, however it won’t go into effect until December 31, 2024.

Since SSI payments are normally due on the first of the month, how is it possible that they are due on December 31? This is due to the federal holiday on January 1, 2025. Retirees can anticipate receiving up to $967 in direct payments or checks in 2024.

Supplemental Security Income amounts on December 31 due to COLA

You can get more or less money after this bump, depending on how much you paid. For instance, starting on December 31, you will only receive an extra $2.50 if your Supplemental Security Income payment is $100.

This implies:

• 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?

If they are a married couple, these recipients’ maximum SSI payout is $1,450. This amount is now higher than $1,415. Consequently, a $35 rise will be provided by the 2025 COLA.

Supplemental Security Income benefits may also be available to an important individual. Nevertheless, the upper limit for these persons will rise from $472 to $484.

Just so you know, those with poor incomes and little to no resources can apply for SSI. However, among these three, there is an additional requirement: being blind, disabled, or at least 65 years old. If you receive a small Social Security (retirement or SSDI) payout, it will be a great supplement.

How often is the COLA calculated and when will future adjustments take effect?

Every year, Social Security benefits’ cost-of-living adjustment (COLA) is decided and goes into effect the next year. The following are the key details about the timing and calculation of COLA:

• The COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year to the third quarter of the current year.
• If there is no increase in the CPI-W, there is no COLA for the next year.
• The COLA is announced each October and takes effect with the December benefits that are paid in January.
• For 2025, the COLA will be 2.5%. This increase will begin with benefits payable to Social Security beneficiaries in January 2025.
• Increased payments to SSI recipients will begin on December 31, 2024.
• COLA notices informing beneficiaries of their new benefit amount are typically mailed out in early December. Most beneficiaries can view their COLA notice online in early December, via their my Social Security account, before receiving it in the mail.

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