In the US, good news will come to millions of people who get Supplemental Security Income (SSI) in December 2024. Because of the cost-of-living adjustment (COLA), recipients will get an extra payment.
This will give them an extra check. It is a move by the Social Security Administration (SSA) to help people deal with the rising cost of living, especially during times of inflation.
The Consumer Price Index (CPI) goes up every year, and the COLA changes the amount of payments that are made to reflect that. This change will be 3.2% in 2024, which is a big increase that will make it easier for people who depend on these benefits to buy things.
Good news: people who get SSI will get their first payment under the COLA before the end of the year, on December 31, 2024. This payment is ahead of the January 2025 SSI, which may help a lot of recipients get ready for the costs of the new year.
Because January 1 is a Federal holiday, SSA will pay earlier, which is why more SSI will be sent in December. In order to avoid delays, beneficiaries will get their January payment in December. This will give them extra money earlier than planned.
This check is especially important for people who have a lot of expenses in December, like holiday or year-end closing costs.
How to get the extra SSI with the Cost of Living Adjustment?
The payment on December 31, 2024, is not an extra or extraordinary check. It is an advance on the monthly SSI payment that will start in January 2025.
Beneficiaries must meet some basic requirements in order to get this benefit. For example, they must be eligible for SSI and have their banking information updated in the SSA system.
This advance is part of SSA’s plan to make sure that beneficiaries do not have to wait for their SSI payments at the start of the year, when they are often late because of the holidays.
The 3.2% 2024 Cost of Living Adjustment (COLA) will be added to the December payment, which means that beneficiaries will get much bigger checks.
The COLA is very important to help people who get benefits deal with inflation, which is especially hard on people on fixed incomes. The cost-of-living adjustment is based on prices going up for goods and services.
This makes sure that over time, beneficiaries’ ability to buy things stays pretty stable. For people who get SSI, this change can be very important to help them pay for things like food, rent, and utilities.
Maximum SSI checks in 2025
The amount of SSI checks that people get will go up in 2025 because of the COLA. The 3.2% change will show up in the payments they get every month starting in January 2025. This increase is big because it will help make up for inflation and higher costs of living.
In 2025, the most a couple can get from SSI is $1,450, and the most a person can get is $967. These amounts are different for each recipient because it depends on things like whether they live alone or with other people.
Beneficiaries may also see changes in their payments if they get extra money, like from work or a pension. SSA has made changes to the COLA, though, to make sure that these payments stay in line with rising prices of goods and services.
Beneficiaries should make sure that SSA has the most up-to-date information on them so that their payments do not get held up.
They should also be aware of changes to the rules that could affect the amount of their check, like the COLA, which is based on inflation and changes every year. People who get SSI benefits should also know what they are entitled to and make sure they are getting the right amount.
In short, people who get SSI in December 2024 will see their payments go up because of the Cost of Living Adjustment (COLA). This month, they will get an extra check.
The January 2025 SSI will be paid early with this payment, which will be made on December 31 to avoid delays. In 2025, the maximum SSI checks will also be adjusted for inflation. This will make sure that recipients continue to get the help they need to meet their basic needs.
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