Don’t pass up this federal payment, which will grow by 2.5% in 2025 due to the COLA. Although Social Security does not pay for the Supplemental Security Income program, you can schedule an appointment at one of the Administration’s offices or begin your SSI application online at https://www.ssa.gov/apply/ssi. Having no resources and no income will not be sufficient to qualify.
Remember that you must be at least 65 years old or have a disability (such as blindness) in order for Social Security to approve your application for SSI benefits. If you don’t file, you won’t be able to get up to $11,604 annually from the federal government.
SSI payments can give you up to $11,604 per year
All Social Security and Supplemental Security Income benefits will increase as a result of the 2025 COLA increase. Recipients will be better equipped to handle rising costs and inflation in this way.
For those receiving SSI benefits, the new monthly maximum will be $967. In 2024, the current sum is $943. Thus, the increase will be roughly twenty-four dollars more a month.
In 2024, the annual limit is only $11,321.49. As a result, all eligible SSI beneficiaries will get an additional $283 year.
When will SSI payment amounts increase?
Despite the fact that the COLA rise is scheduled for 2025, SSI recipients will receive it before the end of 2024. In reality, Supplemental Security Income beneficiaries will be the first to receive the 2.5% increase after COLA.
Social Security claimants receiving either SSDI or retirement payments will receive the increase beginning January 3, 2024. So, when will SSI beneficiaries receive this small increase?
The SSA has confirmed that the Supplemental Security Income payment for January would be made on December 31. So, on New Year’s Eve, 7.5 million Americans will receive this extra money. Read the following SSI article for eligible married couples.
Source: SSA, https://www.ssa.gov/oact/cola/SSI.html#:~:text=The%20monthly%20maximum%20Federal%20amounts,%24484%20for%20an%20essential%20person.
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