Social Security and Supplemental Security Income (SSI) payments are an important financial support for millions of people.
As we move into the last months of 2024, there are some key details about these payments that you should be aware of.
Whether you are retired or receive SSI, these upcoming payments could affect your budget and provide additional support.
Three Payments Before 2025 for Some
The Social Security payment schedule for November and December has some exciting news. If you qualify for both Social Security and SSI benefits, you could receive three payments before the year ends.
- November 29, 2024: The first of the two SSI payments for December will be sent.
- December 3, 2024: For those who qualify, the regular Social Security payment will be deposited.
- December 31, 2024: The final SSI payment for the year will be sent.
So, if you are retired and qualify for both Social Security and SSI, you will receive three payments before 2025 begins.
The last SSI payment in December will also include the 2.5% Cost of Living Adjustment (COLA) increase for 2025, which means your benefits will go up slightly.
Social Security and SSI Payment Amounts
The amount you will receive depends on your eligibility. Here’s a breakdown of the payment amounts:
- Supplemental Security Income (SSI):
- Maximum amounts before COLA increase (2024):
- Individual: $943
- Married couples: $1,415
- Essential person: $472
- Maximum amounts after the 2025 COLA increase:
- Individual: $967
- Married couples: $1,450
- Essential person: $484
- Maximum amounts before COLA increase (2024):
- Social Security Retirement Benefits:
- Average monthly payment before COLA: $1,927
- Average monthly payment after COLA: $1,976
- If you apply for Social Security at age 70, you could receive up to $4,873 in 2024.
Eligibility and How Much You Can Get
Your eligibility for SSI depends on your age and income. SSI benefits are available to those who have limited income and resources. If you are working and earning a higher income, you may not qualify for SSI.
However, if you qualify for both Social Security and SSI, you may receive higher benefits compared to those who only qualify for one.
If you filed for Social Security when you were 50 years old, you will receive all of your benefits. However, if you wait until later, like age 70, your monthly retirement benefits could be higher.
November and December 2024 will bring important payment updates for people receiving Social Security and SSI.
If you’re eligible for both benefits, you could see three payments before the year ends, along with a COLA increase for 2025.
Make sure to check your eligibility and be prepared for these changes as they come.
What is the COLA increase for 2025?
The Cost of Living Adjustment (COLA) for 2025 is 2.5%, which will be added to the last SSI check of December 2024.
Can I receive Social Security and SSI payments in the same month?
Yes, if you qualify for both, you can receive both Social Security and SSI payments in the same month, including three payments before 2025.
How much will I get from SSI in December 2024?
If you qualify, the maximum SSI payment for an individual will be $967 after the 2025 COLA increase.
How do I qualify for SSI payments?
You must have limited income and resources to qualify for SSI benefits.
When will the next SSI payments be sent?
The next SSI payments will be sent on November 29, 2024, and December 31, 2024.
