Social Security announces new increase in SSI checks in 2024 – Here’s the exact date
Social Security is often recognized for its retirement and disability benefits, but there is another crucial program available to low-income individuals. This program, known as Supplemental Security Income (SSI), provides financial assistance to individuals aged 65 or older, blind individuals, and those with medical conditions that prevent them from working. Unlike other Social Security programs, SSI does not require recipients to have paid Social Security taxes. However, beneficiaries must meet specific income and resource thresholds set by the Social Security Administration (SSA).
Beneficiaries Will See a Modest Increase in SSI Checks for 2025
For those receiving SSI benefits, the upcoming Cost-of-Living Adjustment (COLA) for 2025 brings a small increase. The Senior Citizens League has forecasted a 2.63% COLA for 2025, which is lower than in previous years. This adjustment reflects the current lower inflation rate, stabilizing prices but also leading to smaller COLA increases.
In 2024, the annual COLA was 3.2%, and in 2023 it was 8.7%, which many beneficiaries found more beneficial. However, with the projected 2.63% increase, the average SSI recipient, currently receiving around $698, can expect an additional $18 per month, bringing their monthly total to approximately $715. Over the course of the year, this adds up to an additional $216.
The actual increase for each individual will vary depending on their specific SSI amount. For instance, individuals receiving $943 per month will see their payments rise to $968, while couples currently earning $1,415 will receive up to $1,452.
When Will the 2025 COLA Be Finalized?
The final COLA amount for 2025 will be determined in October 2024. The SSA calculates the COLA based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which tracks inflation. While the 2.63% increase is a helpful estimate, the actual adjustment could vary depending on the economic climate at the time of the official announcement.
Historically, COLA adjustments have fluctuated, with no increase in 2010, 2011, and 2016, while 2022 and 2023 saw significant jumps due to economic pressures. In 2022, the increase was 5.9%, and in 2023, it was 8.7%.
How Will This Affect SSI, Retirement, Survivor, and SSDI Benefits?
Beyond SSI, other Social Security beneficiaries, including those receiving retirement, survivor, and Social Security Disability Insurance (SSDI) benefits, will also see increases in their checks. Here’s a breakdown of the expected 2025 increases:
| Payment amounts | SSI checks | 2.5% COLA increase | Extra income |
|---|---|---|---|
| On average | $698 | $716 | $18 |
| Individuals | $943 | $968 | $25 |
| Couples | $1,415 | $1,452 | $37 |
| Essential person | $472 | $484 | $12 |
Retirement Benefits:
- Average recipient: $1,950
- Age 62: $2,781
- Age 67: $3,923
- Age 70: $5,001
Survivor Benefits:
- Average recipient: $1,545
- Individual: $1,820
- Two children: $3,749
SSDI Benefits:
- Average recipient: $1,577
- Blind recipients: $2,658
- Maximum payment: $3,923
Also read: Last SNAP benefit payments in September with Food Stamps worth up to $1,751
