How does the COLA increase affect SSI payments?
The COLA (Cost-of-Living Adjustment) increase raises SSI payments to help people keep up with inflation and rising prices. This year, SSI payments will go up by 2.5%, helping recipients cope with the rising cost of living.When will the COLA increase be applied to SSI payments?
The COLA increase will be applied on December 31, 2024. However, since January 1, 2025, is a holiday, people will receive their new SSI payments a day earlier.How much will SSI payments be after the COLA increase?
The COLA increase will raise the average SSI payment for most recipients to $715. The highest amounts for SSI will be:- $484 for essential persons
- $967 for individuals
- $1,450 for eligible married couples
Will there be any delays in receiving the COLA increase?
The COLA increase will be sent on December 31, 2024. Since the government cannot send payments on holidays or weekends, there will be no delays in the payment, as it will be sent one day early to avoid issues.What is SSI?
SSI helps people who don’t make much money. It’s for those with disabilities, blindness, or who are 65 and older.
When will I receive the COLA increase?
You’ll get the new payment on December 31, 2024. Since January 1 is a holiday, it will be sent early.
How much will my payment go up?
Your payment will increase by 2.5%, with the average amount reaching $715.
What if I earn more money?
If you make more money, you need to report it because it could change how much SSI you get.
Will there be delays in payments?
No, the payments will be made on December 31, 2024, one day earlier to avoid delays due to the holiday.
