The Social Security Administration (SSA) has announced a 2.5% increase in payments by 2025, which will benefit Supplemental Security Income (SSI) recipients. This program is essential in providing financial assistance to people with limited income and resources, especially those who are elderly, blind, or have disabilities.
Starting December 31, 2024, monthly SSI payments will increase, which represents a truly important financial relief for many beneficiaries in a context of increased cost of living experienced in the United States in recent years. With an average increase of about $50, the typical monthly benefit will reach about $967.
SSi beneficiaries will receive a raise before others
This annual increase has been developed based on the CPI-W consumer price index, which closely monitors the increase in prices of goods and services and sets the tone for these increases. Remember that in order to apply for SSI benefits, you must be eligible: first, applicants must meet certain requirements established by the SSA.
The main criteria include, age or medical condition: Individuals must be 65 years or older, or be blind (have lost vision) or have a verifiable disability that prevents them from working and performing daily activities.
They must also be within certain financial resource limits: Applicants must demonstrate that they have limited resources and that, without SSI help, they would have severe problems making ends meet. Generally, the resource limit for an individual is $2,000, while for couples it is $3,000. This includes savings, property and other assets, but does not consider the primary home or an essential use vehicle.
SSI also has income limits, meaning applicants must prove that their income is less than a certain amount set by the SSA. This includes salaries, pensions and other types of income. In 2024, the income limit for individuals is approximately $1,500 per month and for couples, $2,200.
Applicants must be United States citizens or permanent residents who meet certain immigration requirements. Additionally, they must reside in one of the 50 states, the District of Columbia, or some US territories.
Next SSI payment arrives a day earlier than expected
As we said in the headline, the next Supplemental Security Income payment will arrive one day earlier than usual, and it already comes with the 2025 COLA increase. Although the regular day should be January 1, 2025, remember that it is a holiday and that the SSA has a policy of not sending payments on weekends or holidays, so, it will be released on December 31.
Payments with the increase already applied will be $967 for an individual, $1,450 for an individual with a qualifying spouse, and $484 for an essential support person.