It is more important than ever to know when and how to change your United States Social Security payments and other benefits like SSI (Supplemental Security Income).
The end of 2024 is coming up fast. SSI recipients in all categories will have to deal with a change on December 31. On that day, there will be an extra check payment in the year 2024.
As an extra, it will include an adjustment based on the 2025 COLA (Cost of Living Adjustment), which means that people who get money from this program will get more, no matter how much they usually get.
Each year, the COLA is changed to account for increases in the cost of living. The 2025 adjustment will be no different, though it will not be as big as in recent years.
The SSI advance payment will allow recipients to get more money from their benefits at the start of the year, which will help them right away with their finances.
It is important to remember that this change only affects SSI payments and that nothing else changes after this date. This means that we should not expect to get more COLA in SSI for the rest of 2025.
In this situation, people who get SSI should be ready for this change, which will help them in an economy that is getting worse. And this includes people who are retiring because of age, disability, or the VA. As of December 31, anyone who gets SSI will be able to get this monthly check.
Key information about December 31st SSI
The advance payment due on December 31, 2024, will be equal to the SSI payment due in January 2025. It will be made with the COLA adjustment, which means that recipients will get more money.
The COLA is meant to lessen the effect of inflation on beneficiaries’ incomes, which is good news for people who depend on these benefits to make a living. This payment will be made on the due date to make sure that there is enough money to start the new year.
It is important to stress that the advance payment will be the only change that affects people who get SSI. As of December 31, no other changes will apply. It is important to keep track of the date so that you do not miss the chance to get this extra benefit.
It is also important to note that you cannot get the SSI on the same day without Direct Deposit. If we do not have this collection method, we will have to wait up to three days to get the money. This means that it will most likely not be available until 2025.
SSI Minimum Eligibility Requirements
Before someone can get SSI, they have to meet some basic requirements. Our chances of getting this monthly benefit will be slim if we do not meet these conditions. These are the requirements that must be met to get SSI:
- Age or disability: The beneficiary must be 65 years of age or older, or be a person with a disability. Both requirements are interchangeable, but if both are met, there is no problem in applying for the payment.
- Residency: You must be a resident of the United States. It is also possible to have SSI in certain partner territories.
- Limited Resources: A person’s resources must not exceed the limit set by the Social Security Administration. This includes cash, property and other assets.
- Limited Income: In addition to resources, income must also be below the threshold that qualifies for SSI.
People who meet these requirements can get monthly SSI payments, which are meant to help low-income people meet their basic needs. These rules might be different for each situation, so it is best to look at the new rules to get the most up-to-date information.
The best way to find out if we can get this monthly benefit is to fill out an application for it. Thanks to the Social Security Administration, we can quickly find out if we will get an SSI check every month for up to $943 once we start the application process.