The Social Security Administration (SSA) has made an important announcement for retirees and others receiving Supplemental Security Income (SSI). Eligible couples will soon see an increase in their maximum payment to up to $1,450. This increase is due to a 2.5% cost-of-living adjustment (COLA) for 2025, but the payment will be made before the end of 2024. So, if you’re waiting for this adjustment, make sure to check the payment schedule and stay updated!
This increase is part of the SSA’s effort to ensure that the benefits match the rise in living costs. To make sure everyone receives their benefits on time, payments are set to be delivered on December 29, 2024, since January 1, 2025, falls on a holiday.
Breakdown of the New SSI Payment Amounts
The new payment amounts reflect the COLA adjustment for 2025. Here’s a quick look at how different beneficiary categories will be affected by the increase:
- Average Benefits: The current monthly check is $698, but with the COLA increase, it will rise to $715, an increase of $17.
- Individuals: Those who currently receive $943 a month will get $967 in 2025, an increase of $24.
- Couples: Couples will see their monthly check increase from $1,415 to $1,450, which is a $35 boost.
- Essential Persons: This category, which includes people who are taking care of others, will see their monthly check rise from $472 to $484, an increase of $12.
What to Do if Payments Are Delayed
While the SSA strives to keep everything on schedule, sometimes there can be delays in receiving payments. If your SSI payment does not arrive as expected, it’s best to wait at least three days before contacting the SSA. The agency mentions that delays are often caused by the bank, not the SSA itself.
If you are concerned about your payments, you can use your My Social Security Account to:
- Check financial statements
- Track payment schedules
- Request additional details about benefits
This tool can help you stay informed about your benefits and avoid unnecessary confusion.
Eligibility Requirements for SSI Benefits
To be eligible for SSI, you must meet certain requirements set by the SSA. SSI is a program designed to help elderly, blind, or disabled individuals who have limited income and resources. Here are the key criteria for eligibility:
- Income: Your income must be low or none.
- Resources: You must have minimal or no financial resources.
- Age or Disability: You must be 65 or older, or have a qualifying disability or blindness.
In 2024, the maximum benefit amounts are:
- Individuals: $943 per month.
- Couples: $1,415 per month.
Remember that SSI is different from Social Security Disability Insurance (SSDI). SSDI requires a history of work, but SSI is based on financial need and disability criteria.
New Streamlined SSI Application Process
In 2024, the SSA introduced a new, easier application process for SSI benefits. This online tool, called iClaim, aims to make applying for benefits faster and more user-friendly.
- Phase One: This phase, starting in 2024, is focused on first-time applicants who are between the ages of 18 and 65, have never been married, and are applying for both SSI and Social Security benefits.
- Phase Two: This phase, expected in 2025, will expand to include more applicants.
Though the system promises efficiency, not everyone will have access right away during the initial rollout.
Key Differences Between SSDI and SSI Benefits
SSI and SSDI are both programs provided by the SSA to offer financial help, but they have different eligibility requirements and benefits.
| Feature | SSI | SSDI |
|---|---|---|
| Eligibility | Age, disability, limited income/resources | Disability, work credits |
| Health Benefits | Medicaid (in most states) | Medicare (after 24 months) |
| Funding Source | Federal income taxes | Social Security payroll taxes |
| Work History | Not required | Required |
While both programs aim to assist people in need, the eligibility rules are quite different. SSDI requires that applicants have a work history, while SSI does not.
Conclusion
The 2.5% cost-of-living adjustment (COLA) for 2025 will bring an important increase in SSI payments, which will be paid before the end of 2024. This increase will help beneficiaries keep up with rising costs of living. If you qualify for SSI, be sure to check the updated payment schedule and use the tools available to stay informed about your benefits. Also, if you are applying for SSI, the new streamlined application process will make it easier to get the help you need.
Remember, whether you are an individual or a couple, these adjustments will be helpful in ensuring you have the financial support you need in 2025.
FAQ’S
1. When will the new $1,450 SSI payment be delivered?
The new SSI payment of up to $1,450 for eligible couples will be delivered on December 29, 2024, since January 1, 2025, is a holiday.
2. How much will my SSI payment increase in 2025?
The 2.5% cost-of-living adjustment (COLA) for 2025 will result in the following increases:
Average benefits: $17 more (from $698 to $715)
Individuals: $24 more (from $943 to $967)
Couples: $35 more (from $1,415 to $1,450)
3. What should I do if my SSI payment is delayed?
If your SSI payment is delayed, the SSA advises you to wait at least three days before contacting them. Payment delays are often due to issues with your bank, not the SSA.