Supplemental Security Income (SSI) recipients are set to see some changes in their payments this December, and here’s why. The Social Security Administration (SSA) has announced adjustments that will affect when and how much SSI recipients will receive.
December will be unique because beneficiaries will receive not one but two payments during the month, and the second one will come with a boost due to the annual cost-of-living adjustment (COLA). Let’s dive into what this means and how much you can expect.
December Payments
In December 2024, SSI recipients will get their first payment earlier than usual. The SSA has scheduled the first Supplemental Security payment for November 29, 2024 instead of the usual December 1.
Why the early payment? This is because December 1 falls on a weekend. Whenever the 1st of the month is a weekend or holiday, the SSA pushes the payment to the nearest business day before.
So, while there won’t be a payment on December 1, you can expect it to arrive in your bank account by November 29, 2024. But that’s not all. A second SSI payment will be issued at the end of December. SSI recipients will receive another payment on December 31, 2024, but this will count as the January 2025 check.
COLA and Its Impact on Payments
Now, what makes the December 31st payment particularly important is that it will include the 2025 COLA increase. The SSA uses the COLA to adjust SSI benefits to account for inflation, ensuring recipients can maintain their purchasing power even as the cost of goods and services rises.
For 2025, the COLA increase is 2.5%. While this is slightly below the 2.6% average over the past decade, it still provides a modest boost to SSI payments. This increase means that the December 31 payment will be the first one reflecting the new, higher benefit amounts for 2025.
How Much Will SSI Recipients Get?
The COLA increase will lead to slightly higher payments for SSI recipients, depending on their current benefit amount. Here’s a breakdown:
| SSI Recipient | Monthly Payment Before COLA | Monthly Payment After COLA (2.5%) |
|---|---|---|
| Individual | $967 | $991.18 |
| Eligible Couple | $1,450 | $1,486.25 |
| Essential Person | $484 | $496.10 |
Let’s break this down further:
- Individuals: Before the increase, individuals receiving SSI would get $967 per month. With the 2.5% COLA increase, their new monthly payment will be $991.18. Over the year, that adds up to an extra $289.56.
- Eligible Couples: Couples receiving the maximum benefit will see their payment rise from $1,450 to $1,486.25. This adds an additional $36.25 per month or $435 over a year.
- Essential Persons: People designated as essential persons, who provide care to SSI recipients, will get an increase from $484 to $496.10.
Who Is Eligible for SSI?
SSI benefits are reserved for low-income Americans who are:
- Disabled
- Blind
- At least 65 years old
To qualify for SSI, you must meet income limits and have limited resources. This program is designed to assist those who struggle to make ends meet, ensuring they can cover basic living costs like food and shelter.
If you find yourself in financial difficulty and are unsure whether you qualify, you can check the Supplemental Nutrition Assistance Program (SNAP) for additional support. SNAP provides help for those who do not have enough income to afford food.
What This Means for You
December 2024 will be a bit different for SSI recipients, with two separate payments arriving in one month. The second payment, scheduled for December 31, will include the 2025 COLA increase, ensuring your benefits keep up with inflation.
While the increase might not be as large as in previous years, it still offers extra money to help cover living costs.
If you are receiving SSI, make sure to look out for the payments at the end of November and December. Understanding these adjustments will help you manage your finances better as the year ends and the new one begins.
