In the United States, a qualifying individual will get up to $943 in Supplemental Security Income (SSI) in 2024. A 2.5% COLA rise has been proposed, though, and it won’t take effect until December 31, 2024.
If SSI payments are typically due on the first of the month, how can they be due on December 31? This is due to the Federal Holiday observed on January 1, 2025. Therefore, in 2024, retirees can get checks or direct deposits up to $967.
Amounts of Supplemental Security Income owing to COLA on December 31
You may get more or less money following this increase, depending on how much you paid.
For instance, if you receive $100 in Supplemental Security Income, you will only receive an additional $2.50 starting on December 31.
This implies:
| SSI Check Amount | Extra Dollars |
| $200 | $5.00 |
| $300 | $7.50 |
| $400 | $10.00 |
| $500 | $12.50 |
| $600 | $15.00 |
| $700 | $17.50 |
| $800 | $20.00 |
| $1,000 | $25.00 |
On December 31, 2024, who can get more than $967 from their SSI payment?
If a married couple is eligible, the maximum SSI payout for these recipients is $1,450. This sum is higher than $1,415. Consequently, the 2025 COLA will result in a $35 increase.
Supplemental Security Income payments may also be made to an essential individual. But instead of $472, the highest amount for these individuals will now be $484.
For your knowledge, those with low incomes and few or no resources may be eligible for SSI.
Out of these three, there is one additional requirement: being blind, disabled, or at least 65 years old. If your Social Security (retirement or SSDI) cheque is little, it will be a nice complement.
Read Also: December 2024 State Stimulus Payments: How to Get Your $1,000 Check?
When will future changes be implemented, and how frequently is the COLA calculated?
Every year, the Social Security cost-of-living adjustment (COLA) is determined and applied the following year. The following are the main details about the timing and computation of COLA:
- The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased by a percentage between the third quarter of the prior year and the current year, which is the basis for the COLA.
- There won’t be a COLA for the next year if the CPI-W doesn’t rise.
- Every year in October, the COLA is announced, and it starts with the December benefits that are paid in January.
- The COLA for 2025 will be 2.5 percent. Benefits due to Social Security recipients in January 2025 will be the first to increase.
On December 31, 2024, SSI users will start receiving higher benefits. - Early December is usually when COLA notices are mailed out to beneficiaries, updating them on their new benefit amount. Before receiving their COLA notice in the mail, the majority of recipients can read it online in early December through their my Social Security account.
