As 2024 winds down, Social Security and Supplemental Security Income (SSI) recipients can expect several payments before the year ends. In particular, retirees receiving Social Security benefits alongside SSI payments may see as many as three payments before 2025. Here’s what to expect regarding payment dates, amounts, and how the 2025 Cost-of-Living Adjustment (COLA) will impact benefits.
Upcoming Payments
For those receiving SSI, there are two remaining payments scheduled for 2024:
- November 29, 2024 – Regular SSI payment for December.
- December 31, 2024 – Early SSI payment for January 2025 due to New Year’s Day holiday.
In addition to SSI, if you receive Social Security retirement benefits, you may qualify for an extra payment in early December, potentially leading to three payments before 2025.
Who Qualifies?
Beneficiaries eligible for both SSI and Social Security retirement benefits can receive three payments before 2025, provided they meet the following conditions:
- Receiving SSI Payments: These beneficiaries will get an SSI payment on both November 29 and December 31.
- Scheduled Social Security Payment: Those receiving Social Security retirement benefits are typically paid on the 3rd of each month, so eligible retirees should receive a retirement check on December 3, 2024.
Therefore, if you receive SSI and have a retirement payment scheduled on December 3, you can expect three payments before the year closes.
Payment Amounts
The Social Security Administration (SSA) adjusts benefit amounts annually to keep up with inflation. For 2025, the Cost-of-Living Adjustment (COLA) will be 2.5%, impacting both SSI and Social Security payments.
SSI Payment Amounts
The average SSI payment currently sits at around $697 as of September 2024. However, the maximum payment varies depending on whether the recipient qualifies as an “essential person,” an individual, or a couple. Here’s how these amounts will change with the 2.5% COLA increase:
| Status | 2024 Max Payment | 2025 Max Payment |
|---|---|---|
| Essential Person | $472 | $484 |
| Individual | $943 | $967 |
| Married Couple | $1,415 | $1,450 |
Retirement Benefits
Retirement benefits also increase with the COLA. The average retirement payment will increase from $1,927 to $1,976 in 2025. Here’s a look at the maximum retirement payments before and after COLA for different scenarios:
| Retirement Age | 2024 Max Payment | 2025 Max Payment |
|---|---|---|
| Full Retirement Age (FRA) | $3,822 | Adjusted based on COLA |
| Delayed Retirement (age 70) | $4,873 | Adjusted based on COLA |
High earners reaching Full Retirement Age (FRA) can receive up to $3,822 per month, while those who delay retirement until age 70 may receive up to $4,873 in 2024. After the 2.5% COLA increase, these maximum payments will see a further rise.
Key Takeaways
With three possible payments on the horizon for certain beneficiaries, understanding the timing and amounts can help with year-end budgeting and financial planning. Additionally, the 2025 COLA increase is set to benefit all recipients, adding a slight boost to both SSI and Social Security payments. However, only retirees with retirement benefits at FRA or later can expect maximum payments, while SSI amounts remain capped based on need.
The SSA’s approach aims to provide financial stability to seniors and low-income individuals as they navigate inflation and other economic challenges. For those receiving both Social Security and SSI, these additional payments offer extra support before the new year begins.
FAQs
Who qualifies for 3 payments before 2025?
Beneficiaries receiving both Social Security and SSI may qualify.
When will the last SSI payment be in 2024?
The last SSI payment in 2024 will be on December 31.
How much is the COLA increase for 2025?
The 2025 COLA increase is 2.5%.
What is the maximum SSI amount after COLA?
The maximum SSI amount for couples will be $1,450.
Can high earners receive both Social Security and SSI?
No, high earners are not eligible for SSI.
