One of the most important changes the Social Security Administration (SSA) has revealed for people who get Supplemental Security Income (SSI) is an increase in the cost of living adjustment (COLA).
On January 3, seniors will start getting an extra 2.5% from Social Security. But people who get SSI will get the COLA raise on December 31, 2024. In other words, 24 hours early. Government holidays mean that people who are supposed to get the money on January 1, 2025, might not get it on that day.
New maximum amounts for SSI after the 2025 COLA increase
Currently, the maximum amounts are set for essential persons, individuals and married couples. They are $472, $943 and $1,415 respectively. After the COLA boost, they will become:
- $484 for essential persons
- $967 for individuals
- $1,450 for eligible married couples
If you do not receive the maximum amount, you could check your new amount through your my Social Security account. Those who receive $500 per month will receive $512.5 after the COLA increase. Those SSI recipients whose payment is worth $900 will get $922 after the boost. So, $2.5 extra for each $100 in benefits.
SSI student exclusion after the 2025 COLA increase
The current monthly cap for an individual on SSI that is not used for school is $2,290 until December 2024. This amount will go up to $2,350 per month after the 2025 COLA. In 2025, it will cost $60 more.
The annual cap for SSI student exclusion will go up from $9,230 to $9,460. So, after the COLA increase, the annual cap will be $230 more. Third, Social Security Disability Thresholds will be changed in a big way.
If you work while getting disability payments, you need to pay close attention to the 2025 Substantial Gainful Activity thresholds:
- Non-Blind: $1,550/mo. = $1,620/mo. after COLA
- Blind: $2,590/mo. = $2,700/mo after COLA.
- Trial Work Period (TWP): $1,110/mo. = $1,160/mo. after COLA
If you are getting disability payments and then start working again, make sure you don’t go over those limits. Otherwise, your ability to get or the amount of your cash will change.
Read Also :- 5 Entry-Level Remote Jobs with earnings of $75,000 (No Experience Required) before 2025
