In the United States, all Social Security payments will include the 2024 COLA increase this December. However, there is one Federal payment that will bring the Cost-of-Living Adjustment for 2025. Therefore, these eligible recipients of the Supplemental Security Income (SSI) payments will receive their 2025 COLA boost before the new year comes.
However, there will only be one benefit which will provide the new COLA to all recipients on a single payday and even before 2025 has even arrived. Remaining eligible is essential, since SSI payments may not be forever if you lose eligibility for any reason.
Social Security payments with only 2024 COLA increase
The Administration has scheduled payments for retirees on December 3, 11, 18, and 24. All of them will include the 2024 COLA, which means retirees are receiving 3.2% extra since January 2024.
As a matter of fact, the average payment for retirees will be about $1,927 in December 2024. In January, once all retirees receive the 2025 COLA increase payments will be about $1,976.
So, on average retirees will get about 50 dollars extra from the Social Security Administration. A great boost if you save it for 12 months and turn it into an emergency fund.
Social Security confirms payment for SSI with COLA in 2024
The 2025 COLA increase will become effective on December 31, 2024 for those eligible recipients of the Supplemental Security Income. The new SSI payments will be up to $967 for an individual said Social Security.
Eligible married couples will receive a monthly payment of up to $1,450. If you are an essential person on SSI, Social Security confirms you could get up to $484 on December 31, 2024.
On average, SSI recipients get about $697, but it will depend on your age group. For example, seniors aged 65 or older only get about $576 per month because many of them are also receiving Social Security payments. Those aged 18-64 can receive a check of about $745. Retirees will receive a lot more if they get the largest payments in 2025, a check of up to $5,108.
