7.5 million Americans get their SSI (Supplemental Security Income) payments. Of course, everyone of these recipients is eagerly awaiting one of the Social Security 2025 COLAs. And when will they get the new boost?
The Social Security Administration (SSA) says that SSI recipients will be the first Americans to apply this federal benefit that includes the cost-of-living adjustment increase.
Which SSI recipients will receive $288 extra per year after COLA in 2025?
In 2024, SSI individuals who begin a maximum total of $288 per year and maintain their eligibility in 2025 will receive $288 per year. Meanwhile, how much more will the 2.5% add for Supplemental Security Income?
It’s actually true; SSI recipients will get no more than 23 dollars more a month. That’s why 12 times 23 makes $288 per year. However, other recipients of this federal benefit exist as well. For instance, Supplemental Security Income provides funds to eligible married couples and essential persons.
Check the maximum amounts in 2024 and after the 2025 COLA increase:
- individual: In 2024, that is $943, or $967 with a 2.5% COLA increase.
- eligible married couples: If the increase is 2.5% like last year, then $1,450 or $1,415 in 2024.
- essential persons: In 2024 it will be $472 or around $483 with the 2.5% nudge up.
How much money per year will get married couples on SSI after COLA?
An individual receiving Supplemental Security Income can receive up to $288 extra per year; married couples can get a lot more. They also have another person in their household that’s receiving this benefit.
Starting in one year, eligible married couples on Supplemental Security Income will receive up to $420 in 12 months. The thing is that each payment will include another 35 dollars more compared to the highest possible amount in 2024.
Before receiving SSI payments, the recipient must be getting a low income. They must then be at least 65 or disabled or blind. There are certain key requirements that you need to meet if you want to keep these monthly payments coming in or if you have not applied yet, you will not be eligible.
FAQs
Q. What is COLA?
A. Cost of living Adjustment is represented by COLA. In general, it is an annual increase in benefits due to inflation in order to make sure that people’s purchasing power to meet basic living expenses does not fluctuate from year to year.
Q. Who will benefit from the 2025 COLA boost?
A. Most of those given a COLA boost will receive Supplemental Security Income (SSI), which will help fill those gaps where it’s needed the most.
Q. When will the COLA increase take effect?
A. In most instances, COLA increases usually happen in January. This means that the increase will be reflected in SSI recipients payments in January 2025.
Q. How is the COLA amount determined?
A. The COLA amount is determined using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which features goods and services and measures inflation and price changes.
Q. Will all SSI recipients receive the same COLA increase?
A. While all SSI recipients will receive the same COLA increase of $288 per year, COLA adjustments are applied uniformly across recipients.