A new SSI benefit payment has been scheduled for December 31, 2024. Therefore, your January 2025 check or direct deposit will be delivered 24 hours before the normal due date. For your information, January 1 is not a working day since it is a Federal Holiday. Thus, the Social Security Administration’s payment schedule needs to be altered every New Year’s Day.
In this way, no SSI payment is sent late and all low-income recipients can get their money in advance. If you are not an eligible married couple, you can receive either up to $484 as an essential person or up to $967 as an individual.
Why will SSI benefit payments increase on December 31, 2024?
The United States government and the Social Security Administration (SSA) use annual COLAs to help retirees and SSI recipients maintain their purchasing power.
This buying power is affected by inflation and soaring prices. COLA stands for the Cost of Living Adjustment and it is generally about 2%, but it changes every year.
For example, Supplemental Security Income payments increase by:
- 2.5% in 2025
- 3.2% in 2024
- 8.7% in 2023
- 5.9% in 2022
Will the COLA increase for SSI be high in 2025?
As a matter of fact, the 2025 COLA increase will be lower than the average cost-of-living adjustment in the last ten years. Especially, it is really low if compared to the 2023 and 2022 COLA figures.
However, if there an a low COLA, it will mean prices have not soared. So, you can buy almost the same things with the money you receive from the Federal Government for SSI.
Remember that the maximum amount for SSI will be $484 for an essential person, $967 for an individual, and $1,450 for an eligible married couple. These are the maximum amounts, but if you get a reduction because you are on Social Security too, your payment may be closer to an average check.
Seniors aged 65 or older who receive SSI get about $575 as of November 2024. All Supplemental Security Income recipients get about $698. If aged under 18 about $818 and $744 if aged 18-64.