By this time next month, recipients of Supplemental Security Income under Social Security will find changes in their benefits. This movement relates to the annual cost-of-living adjustment (COLA) made by the Social Security Administration (SSA), which makes small increases in payments meant to keep pace with inflation. Here is all the information you need to know regarding this change and how it affects the beneficiaries.
What Is Supplemental Security Income (SSI)?
SSI is one of the most important programs under the SSA to assist low-income individuals who are 65 years of age or older, as well as children and adults with disabilities. It provides these months with much-needed payments to those whose income and resources are severely limited.
To be eligible for SSI, individuals had to have assets of $2,000 or less as an individual and $3,000 or less as a couple. For them, SSI is often a lifeline so that they can afford necessities such as food, housing, and healthcare.
In 2024, qualifying SSI recipients are expected to have averaged about $943 monthly compared to $917 such recipients had in 2023. With the latest COLA announcement, however, this will also be increased to $967 in 2025. S.S.A. Each year, determine COLA percentages in October, based on trends and inflation in the economy, and decide the amount the beneficiaries shall receive to maintain their purchasing power.
This COLA for 2025 was confirmed on October 10 with a modest increase of 2.5%, the smallest increase in the last four years. This increase reflects current trends in inflation and ensures that Social Security benefits remain relevant for meeting essential costs of living.
Payment Dates and Schedule Adjustments
SSI benefits normally disburse on the first day of the month, but when that date falls on a holiday or weekend, the checks come early. The exception is why SSI recipients can expect their January 2025 payment of $967 to be received at 12:01 am on December 31, 2024. The beneficiaries are effectively receiving two payments under such circumstances within the same month.
The most salient of these examples appears to have occurred in November 2024, when recipients got their payment twice: once on November 1 (the normal bench) and again on November 29 (the December payment made early because December 1 fell on a Sunday).
Now, as a result of such occurrences, SSI recipients will have to plan their months ahead, especially those with early disbursements, ensuring they can make ends meet until the next distribution. However, for people who want information regarding other Social Security programs, they will include the aforementioned four primary benefits received from the SSA.
- Retirement Benefits: Monthly payments for retirees who have worked and contributed to Social Security.
- Social Security Disability Insurance (SSDI): Payments for individuals who cannot work due to a disability.
- Supplemental Security Income (SSI): Payments for people with disabilities and older adults with minimal income and resources.
- Survivor Benefits: Payments to eligible family members of deceased workers who paid into Social Security.
Read more: Bad news for Social Security retirees – Income is lower than expected for the coming year for these reasons.
Looking Ahead to 2025
SSA has this incredibly vast and highly detailed benefits calendar on their website that is designed to explain the payment dates throughout the year. With these dates, recipients should check them, so they would be updated on early or modified distribution dates. For instance, in the case of SSI payments for March 2025, those payments will be done on February 28 since February ends before most other months.
When there are late, missing, or stolen payments, the SSA suggests going to your local Social Security Office or calling 1-800-772-1213 for help.
Read more: Radical change in Social Security in 2025 – These are the months that will have double paychecks next year.
Moreover, these reports have recently drawn attention due to some challenges among the beneficiaries. A certain woman, for instance, lost $1,800 worth of benefits on her account after repeated withholdings. The freezing of funds has already caused the SSA to alert potential delays in payments to customers, which would not help the agency’s pain in sending timely payments.
With these changes, Social Security beneficiaries will receive a small increase in their payments in 2025. Being in the loop and planning will make the most of these new payments for the recipients.
