{"id":32931,"date":"2024-12-30T07:02:13","date_gmt":"2024-12-30T12:02:13","guid":{"rendered":"https:\/\/futbolete.com\/us\/?p=32931"},"modified":"2025-01-05T18:49:33","modified_gmt":"2025-01-05T23:49:33","slug":"ssi-recipients-will-get-extra-money-tomorrow-dec-31-2024-heres-why","status":"publish","type":"post","link":"https:\/\/futbolete.com\/us\/ssi-recipients-will-get-extra-money-tomorrow-dec-31-2024-heres-why\/","title":{"rendered":"SSI recipients will get extra money tomorrow, Dec. 31, 2024, here’s why"},"content":{"rendered":"

Will you receive extra money in your next SSI payment<\/strong>? 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<\/strong> will be lower than the average in the last decade.<\/p>\n

However, it will be positive and beneficial because it will allow low-income recipients to maintain their buying power in the United States<\/strong>. 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.<\/p>\n

When is the next SSI payment due?<\/h2>\n

According to the Social Security Administration’s payment schedule, the January payment for Supplemental Security Income will be issued on December 31<\/strong>, 2024. Therefore, all Supplemental Security Income recipients will get their money 24 hours before the normal payday.<\/p>\n

For your information, Supplemental Security<\/strong> generally arrives on the first day of the month. Nevertheless, if the first day of the month is a Federal Holiday<\/strong>, Saturday or Sunday, the payment needs to be rescheduled.<\/p>\n

In most cases, it is either the previous day or 2 days in advance because it must be paid on the previous business day<\/strong>. Now, it is time to check the possible amount of money this boost could mean to recipients.<\/p>\n

SSI payments will increase on Dec. 31, 2024<\/h2>\n

On average, SSI benefits will increase by about $17<\/strong>, 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.<\/p>\n

So, these recipients will get 24 dollars extra per month<\/strong>. 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.<\/p>\n

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.<\/p>\n

How is the Cost-of-Living Adjustment (COLA) calculated for SSI recipients<\/h2>\n

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<\/p>\n

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.<\/p>\n

The percentage change in the CPI-W from one year to the next represents the adjustment amount.
\nFormally: ( (Average CPI-W in current year\u2019s Q3) – (Average CPI-W in previous year\u2019s Q3) ) \u00f7 (Average CPI-W in previous year\u2019s Q3) \u00d7 100%<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":32788,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"SSI recipients Receive extra money regardless of the amount of assistance you have, because of the COLA increase.","format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"hide","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_date":"1","post_date_format":"custom","post_date_format_custom":"d\/m\/Y H:i","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"no-crop","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0"},"jnews_primary_category":[],"footnotes":""},"categories":[1],"tags":[51,42],"class_list":["post-32931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-payment","tag-ssi"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/posts\/32931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/comments?post=32931"}],"version-history":[{"count":0,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/posts\/32931\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/media\/32788"}],"wp:attachment":[{"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/media?parent=32931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/categories?post=32931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/tags?post=32931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}