SSI is a monthly payment that stands for Supplemental Security Income in the United States. This program helps low-income Americans with a disability, who are blind or at least 65 years old. Of course, having little or no resources is mandatory. The U.S. Government has confirmed that all SSI and Social Security payments will increase by 2.5%.
However, retirees will have to wait until 2025 to receive this extra money. Only Supplemental Security Income payments will be sent before New Year’s Day with the COLA increase.
SSI check of $1,450 to be paid on December 31
If you are wondering why the SSI payment will not be delivered to the recipient’s bank accounts on January 1, here is why. Social Security never issues payments on New Year’s.
Since it is a national holiday, it cannot be a normal payday. SSA schedules payments on business days so banks have time to process payments on time. This is essential when it comes to checks and direct deposits for low-income Americans.
The largest payment will be for eligible married couples on SSI who can get up to $1,450 without reductions. The current amount is $1,415 in 2024. Individuals can receive up to $967, up from $943. An essential person can receive up to $484.
SSI amounts after the 2025 COLA increase
Unfortunately, not all recipients qualify for full amounts. Therefore, you may receive a much smaller payment. For example, if you are aged 65 or older, you can receive about $575 on average. After COLA, it could become $589.
Under-18s receive about $818 on average in 2024, so it will be about $838 after the Cost-of-Living Adjustment. Those Americans on Supplemental Security aged 18-64 get about $744 on average.
Therefore, they will receive about $762 with the 2.5% COLA increase. Even if the January payment will be issued on December 31, 2024, there is an SSI payday scheduled for January 31, but it is the payment for February. These check will also include the 2025 COLA.
What are the specific criteria to qualify for the Supplemental Security Income?
Age, blindness, or disability: You are eligible for this benefit if you are 65 years of age or older, if you are blind or if you have a disability.
Limited income: To be eligible, your income must not exceed certain limits. In general, one can work and earn up to $2,361 per month or $28,332 per year from employment. Other sources of income, including Social Security benefits, pensions, and unemployment benefits, are also included. However, some income is not counted toward the limit.
Limited resources: Your resources, which include cash, savings accounts, stocks, land, automobiles, and others, should not exceed $2,000 for an individual or $3,000 for a couple. Some assets, such as the home and one vehicle, are not counted.
Citizenship/residency: To be eligible, you must be an American citizen, a stateless person, or an alien with the status allowed by law. You must also reside in one of the 50 states, the District of Columbia, or the Commonwealth of the Northern Mariana Islands.
Source:
- https://www.ssa.gov/cola/
- https://www.ssa.gov/pubs/EN-05-10031-2024.pdf
