The Supplemental Security Income (SSI) payment for the month of December, in the amount of up to $943, will be sent to handfuls of beneficiaries in just 19 days. The payments of SSI They are attributed to people who live with significant disabilities, which affect their income, according to the Social Security Administration.
Those applying for these benefits must be at least partially blind or have a “physical or mental condition that significantly impairs daily activities for a period of 12 months or more or that can be expected to result in death” to be eligible. . Applicants who file their return individually can receive up to $943 per month, those who file their return jointly, with their partner, can receive an amount of up to $1,415, and essential persons, or those who provide to the beneficiaries of the SSI necessary care, they can receive amounts of up to $472.
Social Security Payments in November and December 2024
November: Payments will be made on November 20 and 27, and Supplemental Security Income will be received on the 1st and 29th. The additional payment is due to the fact that this year December 1st falls on a Sunday.
December: Payments will be made on December 11, 18 and 24, and Supplemental Security Income will arrive on the 31st. January 1 would be a holiday: New Year’s Day.
Learn how to calculate your monthly Social Security benefit payment with a free online tool. If you are thinking about retire quick or you just want to find out, just to know how much money you will be able to receive when you start receiving the benefits of the Social Security, you’re in luck. There is a free tool available on the web for anyone who wants to get an estimate of their monthly payment or manage their benefits, and much more. In fact, it is truly necessary if you are currently recipient of the Social Security.
Learn more about SSI
The SSI It is a program administered by the SSA. The program offers benefits to people with low resources and income, who are blind, age 65 or older, or have a qualifying disability. The payments of SSI They usually take place on the first business day of each month. This year, December 1st falls on a Sunday, so beneficiaries can expect to receive their payment on SSI December on Friday, November 29, as already mentioned.
While an additional monthly payment initially sounds attractive, this difference in scheduling can affect recipients’ budgets. SSI and the distribution schedule SSI by 2025 shows equally strange programming trends. The irregularity in the scheduled November payment was seen earlier this year, when beneficiaries of the SSI received two checks from SSI in August, but none in September.
There were no social security checks in September. Similar to the problem with the distribution of SSI December, September 1st fell on a Sunday, so the payments of the SSI They were sent on Friday, August 30. This change in the regular payment schedule had an impact when nearly 7.5 million people receiving the benefit accepted compensation from the increase in the Social Security for 2025
Last Thursday, October 10, the SSA Announced Changes in Social Security for 2025
The first of these changes is an cost of living adjustment (COLA) of 2.5%. This increase of Social Security by 2025 it will translate into an extra increase, estimated at $50 per month in January of next year.Despite generally good news about an upcoming wage increase, the increase in Social Security by 2025 is considerably lower than the average increase in COLA of the 2.6% provided by the SSA during the last ten years.
The second change that the SSA for the year 2025 is the increase in the tax on Social Security, for high-income workers. Next year, the “taxable maximum” (the maximum amount of Social Security income subject to income tax will have an increase of $7,500 starting in 2024. The projected increase from a taxable maximum of $176,100 to $168,600 is a result of inflation and wage growth.
How will the cost of living adjustment (COLA) for 2025 affect current SSI recipients?
A 2.5% cost-of-living adjustment (COLA) for 2025 will increase SSI payments for over 7.5 million recipients starting December 31, 2024. Here are the key points about how the 2025 COLA affects SSI recipients:
- The monthly maximum Federal SSI amounts for 2025 will be:
- $967 for an eligible individual (an increase of about $24)
- $1,450 for an eligible couple
- $484 for an essential person
- The 2.5% COLA will be applied to the unrounded annual SSI amounts from 2024. For 2025, the resulting amounts are divided by 12 and rounded down to the nearest dollar to get the monthly amounts.
- An individual’s monthly SSI payment is reduced by their countable income. For couples, the amount payable is divided equally between the two spouses.
- Some states provide supplemental SSI payments in addition to the federal amount.
- The 2.5% COLA helps ensure the purchasing power of SSI benefits keeps up with inflation. It is based on the rise in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from Q3 2023 to Q3 2024.