Millions of Supplemental Security Income (SSI) recipients are set to receive up to $762 in their January 2025 payment, thanks to the latest Cost-of-Living Adjustment (COLA). If you’re eligible, here’s everything you need to know, from who qualifies to when the funds will hit your account.
Who is Eligible?
SSI is designed to assist seniors and individuals with disabilities who have limited income and resources. To qualify, you must:
- Be 65 or older (or any age if blind or disabled).
- Have limited income, including wages, pensions, or Social Security benefits.
- Possess limited resources, generally up to $2,000 for individuals or $3,000 for couples (with exceptions like a primary home or one vehicle).
- Be a U.S. citizen or a qualified non-citizen.
When Will Payments Be Sent?
SSI payments are typically issued on the first of the month. However, when that date falls on a weekend or holiday, payments are sent on the previous business day. For January 2025, since January 1 is a federal holiday, payments will be sent out on December 31, 2024.
What’s Behind the $762 Payment?
The maximum federal SSI benefit has increased for 2025 due to a 2.5% COLA, reflecting rising living costs. While the maximum payment for individuals will reach $967, those with additional income or resources may receive a smaller amount.
Key Takeaways:
- Big Boost for Many: SSI payments are seeing a notable increase this year.
- Early Arrival: January payments will be sent on December 31, 2024.
- Easy Application: If you believe you qualify, visit the official Social Security website or contact a local office for assistance.