SSI update: This is how Social Security’s 2025 COLA may affect payments in the US
According to Vibes.okdiario, The Senior Citizens League has released an updated projection for the Cost-of-Living Adjustment (COLA) for Social Security benefits, providing insight into what recipients can expect in the near future. Known for their accurate forecasts, their predictions offer valuable information for Supplemental Security Income (SSI) recipients regarding potential changes to their payments.
Understanding SSI Payments
Supplemental Security Income (SSI) is designed for low-income Americans who are disabled, blind, or at least 65 years old. Individuals can receive up to $943 per month in benefits. If you find yourself in one of these categories but are not currently receiving SSI, it may be worthwhile to apply.
2025 COLA Projections for SSI
According to the Senior Citizens League, a 2.5% COLA increase is anticipated for Social Security benefits, and SSI recipients can expect a similar boost. However, the final determination will depend on the inflation rate for September. If the inflation rate remains stable, this projection is likely to hold true. The Senior Citizens League accurately predicted the 2024 COLA increase, lending credibility to their current forecast.
While a 2.5% increase may not seem substantial, any additional funds are better than no increase at all. It’s important to recognize that avoiding cuts in benefits is also a positive outcome.
Potential SSI Benefit Changes After the 2025 COLA Increase
For those receiving the maximum SSI benefit, the amount could rise from $943 to approximately $966, reflecting a $23 increase. Over the course of a year, this COLA adjustment could equate to around $282 in additional income, making this increase significant for those on fixed budgets.
For eligible couples currently receiving $1,415, the COLA increase could raise their benefits to about $1,450, resulting in an extra $35 per month. The impact of the 2025 COLA will be more pronounced for those with higher benefit amounts, providing essential support to manage everyday expenses.
