SSI Payment of $967 Scheduled for December 31, Not January 1

The Supplemental Security Income (SSI) program provides essential financial support for individuals with low income or limited resources. In 2024, eligible individuals will receive a maximum payment of $943, with a 2.5% Cost-of-Living Adjustment (COLA) set to take effect on December 31, 2024, raising the maximum payment to $967.

Why Is the Payment Date December 31? Due to January 1, 2025, being a federal holiday, SSI payments for December will be advanced to the business day before, December 31, ensuring recipients receive their funds without delay.

COLA Payment Increase: What You Need to Know The 2.5% COLA increase will provide recipients with a modest boost to their SSI payments, helping to keep pace with inflation. Here’s how the increase will affect different SSI recipients:

• For Individuals: The maximum payment will rise from $943 to $967.
• For Married Couples: Couples eligible for SSI will see an increase from $1,415 to $1,450.
• For Essential Persons: Those who live with and provide care for SSI recipients will receive an increase from $472 to $484.

Also Read – November SSDI Payments: Get Your Benefits from $421 to $1,542

Who Qualifies for SSI? To be eligible for SSI benefits, individuals must meet specific income and resource limits, and one of the following criteria:

• Be 65 years or older
• Have a qualifying disability
• Be legally blind

SSI is especially helpful for individuals receiving low Social Security benefits (either from retirement or disability), as it provides supplemental income.

How to Ensure Timely Payment To avoid delays, it’s important to ensure your payment details are up-to-date with the Social Security Administration (SSA). The fastest way to receive your payment is through direct deposit.

The COLA adjustment is a crucial step in supporting low-income individuals by providing additional financial security during times of rising living costs. This increase will help recipients maintain stability in their budgets as they continue to navigate inflation.

FAQs

• Why is the SSI payment date December 31, 2024?
  Payments are advanced to December 31 due to the January 1 federal holiday.
• How much will SSI payments be in 2024?
  The maximum payment for individuals is $943, increasing to $967 after COLA.
• How much can married couples receive?
  Married couples can receive up to $1,450 after the COLA adjustment.
• Who qualifies for SSI?
  Individuals who are 65 or older, disabled, or legally blind, with low income and limited resources.
• How does COLA impact SSI payments?
  COLA provides a 2.5% increase to SSI payments, effective December 31, 2024.

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