The Supplemental Security Income (SSI) program issues 12 monthly payments each year, but occasionally, payments are made a day or two in advance to accommodate weekends and holidays. Due to Social Security’s practice of only delivering payments on business days, and the fact that banks and other financial institutions are closed on weekends and holidays, the January SSI payment will be delivered earlier, on December 31, 2024.
This early payment will also include an important update: the 2025 cost-of-living adjustment (COLA) increase. As a result, SSI recipients will receive a boost of 2.5 extra dollars for every 100 dollars they receive from the program. This increase is intended to help recipients keep up with inflation and rising living costs.
Who Qualifies for the December 31 SSI Payment?
To receive the early payment, applicants must meet specific eligibility criteria. To qualify for SSI, individuals must have low income, minimal resources, and meet at least one of the following requirements:
- A qualifying disability
- Blindness
- Be at least 65 years of age
Importantly, individuals who have not filed for SSI or have not received approval from the Social Security Administration (SSA) will not be eligible for the payment. Unlike Social Security retirement or SSDI payments, there will be no other scheduled paydays for SSI recipients in January.
How Much Will SSI Recipients Receive in December?
The amount of money recipients receive depends on their income, benefits, and savings. Generally, the lower a recipient’s income and resources, the higher their payment from the SSI program. For example, individuals without any reductions may receive up to $484 if they are an essential person, an increase from $472. Individuals on SSI can receive up to $967, up from $943, while eligible married couples can receive up to $1,450, an increase from $1,415.
However, it’s important to note that the average SSI payment is much lower than these maximum amounts. On average, SSI recipients receive approximately $697, with those aged 65 and older averaging around $576.
Conclusion
The early December 31 payment will ensure SSI recipients receive their January funds on time, while also providing a boost through the 2025 COLA adjustment. Eligible individuals must meet the necessary criteria, including age, disability, or blindness, to qualify for the payment. The changes in SSI payments highlight the program’s ongoing efforts to support its recipients, especially as they face rising costs of living.