As 2024 draws to a close, the Social Security Administration (SSA) has announced the final Supplemental Security Income (SSI) payment schedule for beneficiaries. Those who qualify for SSI can expect a total of four payments over the next three months. Here’s a breakdown of the key dates, payment adjustments, and eligibility requirements for SSI beneficiaries.
Key SSI Payment Dates for the Rest of 2024
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The SSA has confirmed that recipients of the SSI program will receive payments on the following dates for the rest of the year:
- October 1, 2024: SSI beneficiaries will receive their October payments on this date, as no payments were issued in September.
- November 1, 2024: Regular payment for November.
- November 29, 2024: This is an advanced payment for December since the first of December falls on a weekend. Instead, SSI recipients will get their December payments on the last business day of November.
- December 31, 2024: Beneficiaries will receive their January 2025 payment in advance, with the payment scheduled for December 31, as January 1 falls on a holiday.
Of these payments, the one scheduled for December 31 will include a cost-of-living adjustment (COLA) increase. This increase will reflect the annual COLA and will impact beneficiaries’ checks going into the new year.
Why December 31, 2024, Payment Includes a COLA Increase
One of the most significant aspects of this year’s SSI payment schedule is the COLA increase, which becomes effective on December 31, 2024. The SSA adjusts these benefits annually to help recipients keep up with inflation. For 2024, the COLA increase is 2.5%, and it will be reflected in the January 2025 payment, which beneficiaries will receive early due to the New Year’s holiday.
Who Qualifies for SSI Payments?
To qualify for SSI payments, applicants must meet stringent financial and medical criteria set by the SSA. Here are some of the key financial requirements:
- Monthly income limits: Individuals must earn less than $1,941 per month to be eligible for SSI payments.
- Asset limits: An individual’s total assets must be under $2,000, while couples can have assets up to $3,000.
Additionally, those applying for SSI under disability must meet strict medical conditions. Due to these rigid criteria, a significant portion of SSI disability applications are denied. In fact, between 2018 and 2020, only around 40% of applicants were approved for SSI.
SSI Benefit Amounts and the 2.5% COLA Increase
Beneficiaries’ monthly SSI payments vary based on their filing status and income. In 2024, SSI beneficiaries are eligible to receive different payment amounts based on their status:
- Individuals: The maximum monthly payment for individuals is $943, with an average payment of $698. With the 2.5% COLA increase, individuals will see their payments rise to $967, an increase of $24.
- Couples: Couples can receive up to $1,415 monthly. With the COLA adjustment, this amount will increase to $1,450, a $35 boost.
- Essential Person (EP): Some beneficiaries qualify for an additional payment for an essential person, which is currently $472. After the COLA increase, this amount will rise to $484, adding $12 to their monthly checks.
Conclusion
As 2024 comes to an end, SSI beneficiaries should be prepared for their scheduled payments and take note of the upcoming 2.5% COLA increase. These adjustments ensure that the SSI program continues to provide essential financial support to those who qualify, helping them manage the rising cost of living. Be sure to check your eligibility and stay informed about the payment schedule to maximize your benefits.