In the US, people who get Supplemental Security Income (SSI) will get extra help in December 2024 thanks to the Cost of Living Adjustment (COLA). This is meant to counteract the effects of inflation.
This change means that people who get SSI will get more money every month, which will help them out financially over the next year.
People who depend on SSI payments to meet their daily needs will benefit the most from this change.
But there will be some oddities with the timing of the December 2024 payments because of the holidays and planned payment dates. Beneficiaries need to know how and when these payments will be processed in order to plan their finances well.
Because of this, SSI recipients need to know how to get this Cost of Living Adjustment (COLA) in December and what they need to do to make sure they get their payments on time. Here are the steps you need to take and how to do them.
How to get the 2025 Cost of Living Adjustment with SSI in December?
The 2025 Cost of Living Adjustment (COLA) will be added to SSI payments in December. The COLA is meant to help people who get it deal with the rising cost of living and make sure that their income stays the same even though prices are going up.
One important thing to keep in mind, though, is that beneficiaries must have Direct Deposit turned on in order to get these payments.
Direct Deposit is the fastest and safest way to get SSI because it makes sure that payments are made electronically and right away. People who do not have this option turned on may have to wait longer to get their payment.
In order to use this method, beneficiaries must go through the Social Security Administration or its website and complete the process.
Also, because January 1 is a holiday for the New Year, payments for that month’s SSI will be sent earlier than usual. The payment for January 2025 will be sent earlier so that recipients do not have to wait because of the holidays.
The people who are supposed to get this payment will get it on December 31, just in time for the start of the new year. That is why we can get the 2025 COLA before the year starts.
Eligibility requirements to get monthly SSI
People who get SSI must meet a few basic requirements in order to be able to get it in December and the rest of the year.
Supplemental Security Income is meant to help people who do not make much money or have many resources, so there are certain financial requirements that must be met. These are the general rules you must follow to get monthly SSI payments:
- Age and Disability: SSI is intended primarily for people over age 65, or those who are blind or disabled. Disability must be verified through a medical process administered by the Social Security Administration (SSA).
- Limited Income: Applicants must have income that does not exceed certain limits established annually. This requirement ensures that only low-income individuals are SSI recipients.
- Limited Resources: In addition to income, applicants must have no more than $2,000 in personal resources (or $3,000 for married couples). Resources include assets such as savings, property, or other assets.
- United States Residency: The applicant must be a resident of the United States to qualify for SSI, and their residency status must be verified by the Social Security Administration.
- Applying for the benefit: Applicants must file an application through the Social Security Administration. This process includes a detailed review of resources, income and other factors.
Once these conditions are met and the application is processed, the person who is given the money will start getting monthly payments to help them stay alive.
These payments can be changed to account for inflation. One example is the Cost of Living Adjustment (COLA), which lets recipients get more money because of the rising cost of living.
It is important to know that the Social Security Administration can help people who have questions about their eligibility or the application process. Beneficiaries can also use the SSA’s online portal to find out more about their benefits and check on their status.