In December 2024, millions of people in the United States who get Supplemental Security Income (SSI) will get some extra money.
The Social Security Administration’s (SSA) Cost-of-Living Adjustment (COLA) means that people who get SSI will get a payment early, on December 31, 2024, instead of in January 2025. This change is meant to help beneficiaries keep track of their money and avoid delays caused by the New Year.
Even though this payment may feel like an extra check, it is actually a payment ahead of time for January 2025. The payment will be changed to include the 3.2% COLA increase for 2024.
This means that recipients will get more money than they did in previous months. Here’s what you need to know about this extra payment and what 2019 will bring.
Why the December payment matters
SSA’s policy is to send SSI payments early when the first of the month falls on a weekend or a federal holiday. This is why the December 31 payment came out early.
SSI payments will be made on December 31, 2024, since January 1, 2025, is a federal holiday (New Year’s Day). This makes sure that people who are supposed to get benefits do not have to wait to get them.
The timing is especially good for people on SSI who have to pay for holiday expenses or get ready for their year-end bills. The early arrival of the payment is good news for many people and couples who depend on SSI payments to cover basic costs like rent, utilities, and food.
What does the COLA mean for SSI payments?
Social Security and SSI payments go up every year because of changes in the Consumer Price Index (CPI). This is called the Cost-of-Living Adjustment (COLA).
The CPI measures inflation, and the COLA makes sure that people who get benefits can still buy things even though prices for goods and services they use every day are going up. The COLA increase for 2024 is 3.2%, which is one of the highest in recent years.
The payment that is sent out on December 31, 2024, will include this change. The higher payment is due to the higher SSI benefit amount for 2025. This means that recipients can get their January 2025 payment a day early.
The COLA is very important for people on SSI because it helps them deal with inflation and rising living costs. It makes it easier for people to pay for things like food, rent, and medical bills.
