Will you receive extra money in your next SSI payment? Yes, regardless of your benefit amount. The thing is all beneficiaries of the Supplemental Security Income qualify for a Cost-of-Living increase. This 2025 COLA boost will be lower than the average in the last decade.
However, it will be positive and beneficial because it will allow low-income recipients to maintain their buying power in the United States. Inflation and soaring prices reduce purchasing power so if Social Security did not make these COLA increases retirees and SSI recipients would be poorer yearly.
When is the next SSI payment due?
According to the Social Security Administration’s payment schedule, the January payment for Supplemental Security Income will be issued on December 31, 2024. Therefore, all Supplemental Security Income recipients will get their money 24 hours before the normal payday.
For your information, Supplemental Security generally arrives on the first day of the month. Nevertheless, if the first day of the month is a Federal Holiday, Saturday or Sunday, the payment needs to be rescheduled.
In most cases, it is either the previous day or 2 days in advance because it must be paid on the previous business day. Now, it is time to check the possible amount of money this boost could mean to recipients.
SSI payments will increase on Dec. 31, 2024
On average, SSI benefits will increase by about $17, but it will depend on the amount of your payment. For example, if you qualify for the maximum amount for an individual, your benefit payment will become $967, up from $943.
So, these recipients will get 24 dollars extra per month. Eligible married couples who get $1,415 in 2024, will soon get $1,450. This will be the largest benefit payment for couples on SSI, with 35 dollars extra.
An essential person who get $472 in 2024 will get $484 in 2025. So, for them, the boost will just be about 12 dollars extra. In conclusion, the higher your SSI payment is, the more extra dollars you will receive.
How is the Cost-of-Living Adjustment (COLA) calculated for SSI recipients
The Cost-of-Living Adjustment (COLA) for Supplemental Security Income (SSI) recipients is determined by the same formula that the Social Security Administration (SSA) uses to adjust Social Security benefits
The SSA looks at the average CPI-W for the third quarter (July, August, September) of the current year and compares it to the average CPI-W for the third quarter of the previous year.
The percentage change in the CPI-W from one year to the next represents the adjustment amount.
Formally: ( (Average CPI-W in current year’s Q3) – (Average CPI-W in previous year’s Q3) ) ÷ (Average CPI-W in previous year’s Q3) × 100%
