In December 2024, more than 8.2 million recipients of the Supplemental Security Income (SSI) program in the United States will receive significant economic relief. This advance payment, implemented by the Social Security Administration (SSA), is intended to facilitate expense management for those who depend on this benefit and is a consequence of agency regulations.
As we have explained in other articles, the SSA does not transfer benefits on holidays or weekends, so when this happens, payment is made on the nearest previous business day.
A strategic prepayment: Supplemental Security Income (SSI)
This programming has a positive impact, especially during a time of high expenses related to the holidays and the end of the year. For many people who rely on these payments for basic needs such as food, housing and utilities, having the funds before the start of the new year is crucial. SSi beneficiaries are older adults, disabled or blind people who cannot make ends meet and who need additional financial support.
On December 31, 2024, SSI beneficiaries will receive their payment for the month of January 2025, advanced due to the federal New Year’s holiday. It is worth clarifying that this is not an additional check, but only the advance for the SSA holiday policy.
It is the first SSI payment with an increase: 2.5% additional throughout 2025
The advance payment amount will also include an increase derived from the Cost of Living Adjustment (COLA), which for 2024 has been set at 3.2%. This adjustment, designed to reflect changes in the consumer price index (CPI), ensures that benefits maintain their purchasing power in the face of inflation.
This increase in payments will translate into greater income for beneficiaries, who will see the adjustment reflected from the December payment. In this way, the amount received will not only cover the anticipated January period, but will also offer relief from the increasing cost of essential goods and services.
The increase is not the largest in recent years: in fact, in 2023 a record COLA of 8.7% was a record-breaking, which occurred in the context of the coronavirus pandemic and uncontrolled inflation caused by this global crisis.
On January 31, there will be another advanced SSI payment, since February 1 is a Saturday. But that’s not all: March’s payment will be advanced to February 28 since (once again), the 1st day of the month is a Sunday.
