Social Security announces new increase in SSI checks in 2024 – Here’s the exact date
According to Lagradaonline, Social Security is widely recognized for its retirement and disability benefits, but there’s another crucial program that doesn’t require applicants to have paid Social Security taxes: the Supplemental Security Income (SSI). Administered by the Social Security Administration (SSA), SSI provides financial assistance to low-income individuals aged 65 or older, blind recipients, or those with medical conditions that prevent them from working. To qualify, applicants must meet specific income and resource thresholds set by Social Security guidelines. If you qualify for this program, here’s what you need to know about the upcoming increases in SSI checks.
Anticipated Increase in SSI Checks for 2025
For SSI beneficiaries, the Cost-of-Living Adjustment (COLA) estimate for 2025 offers a mixed outlook. The Senior Citizens League forecasts a COLA increase of 2.63%. While this marks a slight uptick compared to last year’s adjustments, many may find it disappointing given the significant increases seen in prior years. A stabilizing inflation environment has led to smaller COLA adjustments, which explains the projected 2.63% rise for 2025. In comparison, the COLA was 3.2% in 2024 and 8.7% in 2023.
Despite the modest increase, the Senior Citizens League noted that many SSI recipients may be dissatisfied, particularly in light of recent significant raises. With the anticipated 2.63% adjustment, the average SSI recipient—currently receiving about $698—would see their monthly payment increase by approximately $18, bringing the total to around $715, or an additional $216 over the year. Individual beneficiaries who receive $943 per month would see their checks rise to up to $968, while couples currently earning $1,415 could see their payments increase to $1,452.
Also Read: BIG UPDATE: Social Security Pays Wrong People $22.8 Million: Fed Report
Key Dates and Factors Influencing COLA
It’s crucial to remember that the actual COLA for 2025 won’t be confirmed until 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. Consequently, the final adjustment may vary slightly depending on economic conditions. Historical COLA adjustments have shown significant variability; for instance, there were no increases in 2010, 2011, and 2016, while 2022 and 2023 saw above-average adjustments of 5.9% and 8.7%, respectively.
Summary of Expected SSI Payments
As the anticipated COLA for 2025 suggests some financial relief, it is lower than in previous years. Recipients should manage their expectations and prepare for a modest increase. Here’s a breakdown of the expected SSI checks with the potential 2.63% increase:
| 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 |
Impact on Other Benefits
In addition to SSI, other beneficiaries such as retired workers, survivors, and individuals qualifying for Social Security Disability Insurance (SSDI) will also receive this annual increase. Here’s how the increases break down for these groups:
Retirement Benefits
- Average: $1,950
- Age 62: $2,781
- Age 67: $3,923
- Age 70: $5,001
Survivor Benefits
- Average: $1,545
- Individual: $1,820
- Two Children: $3,749
SSDI Benefits
- Average: $1,577
- Blind Recipients: $2,658
- Maximum Payment: $3,923
