The Supplemental Security Income (SSI) program provides critical financial support to individuals with low income or limited resources. In 2024, eligible individuals will receive a maximum payment of $943, with a 2.5% Cost-of-Living Adjustment (COLA) taking effect on December 31, 2024, increasing the maximum payment to $967.
But why is the payment due on December 31 instead of January 1? Because January 1, 2025, is a federal holiday, payments are advanced to the preceding business day, ensuring timely access to funds.
Payment Increase
The COLA adjustment applies to all SSI payments starting in December 2024, providing recipients with a modest increase based on their individual payment amounts.
Payment Increases at a Glance
Here’s how the 2.5% COLA will affect various SSI amounts:
| Current Payment | Additional Amount | New Payment |
|---|---|---|
| $100 | $2.50 | $102.50 |
| $200 | $5.00 | $205.00 |
| $300 | $7.50 | $307.50 |
| $400 | $10.00 | $410.00 |
| $500 | $12.50 | $512.50 |
| $600 | $15.00 | $615.00 |
| $700 | $17.50 | $717.50 |
| $800 | $20.00 | $820.00 |
| $1,000 | $25.00 | $1,025.00 |
This incremental boost ensures recipients’ payments keep pace with inflation, providing extra financial security.
Maximum SSI Payments
For individuals, the maximum SSI payment will rise to $967 after the COLA adjustment. However, certain recipients may receive even more:
Married Couples
- Eligible married couples can receive up to $1,450, an increase from $1,415.
- This represents a $35 increase due to the COLA.
Essential Persons
- Essential persons—those who live with and provide care for SSI recipients—will see their payments increase to $484, up from $472.
Eligibility for SSI
SSI benefits are available to individuals who meet the following criteria:
- Income and Resource Limits: Must have low income and limited resources.
- Age or Condition: Must meet at least one of the following:
- Be 65 years or older
- Have a qualifying disability
- Be legally blind
SSI is especially beneficial for individuals receiving low Social Security (retirement or SSDI) benefits, acting as a supplemental income source.
COLA Adjustment
The upcoming increase, while modest, can provide vital financial support for recipients. Ensuring timely access to your payment on December 31 requires:
- Direct Deposit: This is the fastest way to receive your funds.
- Updated Personal Information: Verify your details with the Social Security Administration (SSA) to avoid delays.
The COLA adjustment reflects ongoing efforts to support low-income individuals as living costs rise, ensuring SSI recipients maintain financial stability.
FAQs
Why is the SSI payment date December 31, 2024?
January 1, 2025, is a federal holiday, so payments are advanced.
How much is the SSI payment for individuals in 2024?
The maximum payment is $943, increasing to $967 after COLA.
What is the maximum SSI payment for married couples?
Eligible couples can receive up to $1,450 after the COLA.
Who qualifies for SSI?
Low-income individuals who are 65+, disabled, or blind.
How does COLA affect SSI payments?
COLA adds a 2.5% increase to SSI payments starting December 31.
