MILLIONS of Americans will soon see Supplemental Security Income payments hit their accounts, with amounts up to $943, ahead of the 2025 COLA increase.
SSI, a part of the Social Security Administration, provides monthly benefits to older adults and individuals with disabilities who have limited financial resources.
Typically, payments are made on the first day of each month.
However, when the first falls on a weekend, payments are issued on the preceding Friday.
For those qualifying for the maximum benefit, the payment is $943.
However, the actual amount varies based on several factors, including an individual’s income, living arrangements, and assets.
These variables mean each recipient’s check may differ from others.
COLA’S COMING
The Senior Citizens League predicts a 2.5% Social Security COLA for 2025, down from 2.9%.
The Social Security Administration will officially announce the COLA on October 10, with a 2.5% increase translating to a $48 boost for the average retiree, whose current benefit is $1,920.
Though lower than 2024’s 3.2% rise, it aligns with the historical average of 2.6%.
The COLA is determined by the Consumer Price Index (CPI-W) and applies to benefits starting January 2025.
HOW TO QUALIFY
SSI helps approximately eight million Americans, including elderly individuals, disabled adults, and millions of disabled children.
To qualify, recipients must meet strict financial criteria.
Individuals can hold no more than $2,000 in assets, while couples are allowed up to $3,000.
Other eligibility requirements include:
- Being at least 65 years old, blind, or disabled
- Having limited income and resources
- Being a US citizen or an eligible non-citizen
- Residing in the US, District of Columbia, or Northern Mariana Islands
HOW TO SUPPLEMENT YOUR SOCIAL SECURITY
Here’s how to supplement your Social Security:
Given the uncertainty surrounding Social Security’s long-term future, it’s essential for workers to consider ways to supplement their retirement income.
Senior Citizens League executive director, Shannon Benton recommends starting early with savings and investing in retirement accounts like 401(k)s or IRAs.
- 401(k) Plans
- A 401(k) is a retirement account offered through employers, where contributions are tax-deferred.
- Many employers also match employee contributions, typically between 2% and 4% of salary, making it a valuable tool for building retirement savings.
- Maxing out your 401(k) contributions, especially if your employer offers a match, should be a priority.
- IRAs
- An Individual Retirement Account (IRA) offers another avenue for retirement savings.
- Unlike a 401(k), an IRA isn’t tied to your employer, giving you more flexibility in your investment choices.
- Contributions to traditional IRAs are tax-deductible, and the funds grow tax-free until they are withdrawn, at which point they are taxed as income.
If payments are delayed, Social Security advises beneficiaries to contact their bank first, as delays in processing may be the cause.
REMAINING PAYMENT SCHEDULE
Here are the dates that Social Security checks will be paid out in October, aside from the SSI payment on the first of this month:
- If you received Social Security before May 1997 or if receiving both Social Security & SSI
- October 3, 2024
- SSDI
- October 9, 2024
- October 16, 2024
- October 23, 2024
- SSI
- November 1, 2024
DOUBLE CHECKED
In the remainder of 2024, there will be some irregularities in the SSI payment schedule, which might confuse recipients.
In November, for example, beneficiaries will receive a double payment due to December 1 falling on a Sunday.
The first January 2025 payment will be issued on December 31, as January 1 is a holiday.
Similar schedule adjustments will occur in February and March 2025 due to holidays.
To report issues with missing or stolen payments, recipients can contact the Social Security Administration at 1-800-772-1213 or visit a local office.
For additional details about SSI eligibility and income thresholds, visit the Social Security website.
As 2025 approaches, Americans can also expect an increase in SSI payments, reflecting annual adjustments aimed at keeping pace with inflation.
