As we approach the end of 2024, Supplemental Security Income (SSI) recipients are in for some good news, as an early payment will provide them with the financial relief they’ve long awaited during the holiday season.
On December 31, 2024, SSI recipients will receive their monthly benefits early. This advance payment has been scheduled to avoid interruptions, since January 1, 2025 is a federal holiday and the Social Security Administration (SSA) does not issue payments on weekends or holidays.
SSI advance payment comes with increase: here’s how much they will receive on December 31
Generally, all Social Security payments receive an increase once a year, effective January 1. However, on this occasion, and due to the SSA policy of not paying on holidays, the advance payment on December 31 will already come with the increase applied.
By 2025, the maximum federal SSI benefit will be $967 per month for individuals and $1,450 for married couples. Additionally, people considered “essential,” who are typically caregivers for an SSI recipient, will receive $484 per month. These benefits are designed to help vulnerable populations meet their everyday expenses.
Another Social Security payment will be sent before the end of the year
Appart of the SSI payments, the last Social Security retirement payment for 2024 is scheduled for December 24. This adjustment is due to the upcoming holiday, since December 25 is a national holiday. On this date, payments will be distributed to retirees who were born between the 21st and 31st of any month and who applied for their benefits after May 1997.
As for Social Security retirement benefits, the maximum amount for 2024 is $4,873 per month. To qualify for this maximum benefit, a person must retire at age 70 and have worked for a minimum of 35 years at the maximum salary covered by Social Security. For those retiring at their full retirement age (FRA), which ranges from 66 to 67 depending on year of birth, the maximum monthly benefit is $3,822.
Those who choose to retire at the earliest age of 62 will be entitled to a maximum benefit of $2,710 per month. If you receive Social Security Benefits, you can also be eligible for the SSI allotments.
After the December 31 SSI payment, the SSA is expected to send payments to beneficiaries who claimed Social Security before May 1997, or who receive SSI and Social Security at the same time. In the latter case, the SSI deposit will be sent on December 31, 2024, and the retirement deposit on January 3, 2024.
Who Can Receive Supplemental Security Income (SSI)?
The Supplemental Security Income (SSI) is a federal program designed to provide financial assistance to people with low incomes and limited resources. Unlike other Social Security benefits, SSI is intended to help those who may not have worked enough to qualify for Social Security.
To be eligible to receive SSI payments, applicants must meet certain criteria established by the Social Security Administration (SSA). These criteria fall into three main categories: age, disability or blindness, and income and resource requirements.
SSI benefits are available to people of all ages, but applicants must be 65 or older to qualify based on age alone. People who are blind or have a disability, regardless of age, are also eligible to receive SSI. Applicants who have a disability that impairs their ability to work or perform daily activities are eligible for the program. The SSA has specific criteria for determining whether a person qualifies as disabled. These group can check the SSA’s “Blue Book” of qualifying disabilities.
Applicants must demonstrate that their income and financial resources are below certain thresholds established by the SSA. These thresholds may vary annually. Income refers to any money a person receives, such as wages, pensions, or even certain Social Security benefits. They must, of course, be American citizens or legal residents of the United States.