For SSI recipients, the Social Security Administration’s (SSA) COLA fact sheet and payment schedule have revealed some intriguing information. On November 29, 2024, the December Supplemental Security check and direct deposits will be made.
Therefore, payment will be made two days before to December 1st, but not on that day. Even more unexpectedly, Social Security has set December as the date of the SSI payout. It is really scheduled for delivery on December 31, 2024.
Facts about the December 31 SSI check
January will see the Supplemental Security Income payout that was originally planned for December 31. The following explains why the amounts for this December payment will differ.
In actuality, the 2025 COLA rise will be included in the SSI check that is due on December 31. Just so you know, Social Security and Supplemental Security Income benefits will rise by 2.5 percent due to the cost-of-living adjustment.
This yearly COLA increase is just less than the 2.6% average for the previous ten years. In addition, beneficiaries will receive a smaller rise than they would have in 2024, 2023, or 2022.
The new maximum payments for SSI with the increase in COLA
You will receive more or less more money as a result of the COLA rise, depending on how much you currently receive. For instance, if you receive a check for $500, after COLA, your payout will be $512.50.
Following the COLA rise, couples who receive $1,000 will receive $1,025. That adds up to an extra $25 a month. The bump will provide you an additional $300 annually in a year.
Read Also: November SSDI Payment Schedule: Who Gets Their Social Security Check Early?
The updated maximum amounts are as follows:
- $967 for individuals following the COLA rise
- $1,450 for qualified married couples
- $484 for an essential person after COLA
Only low-income Americans who are blind, disabled, or at least 65 years old are eligible for SSI. In addition to meeting other necessary standards, it is imperative to have minimal or no resources. SNAP benefits are also available to those who lack the funds to purchase food.
