Social Security has confirmed that there will be a new extra SSI payment on New Year’s Eve. This is because January 1 is a holiday. Because of this, these people will be the first to get the new 2.5% increase from the cost of living adjustment (COLA) for 2025.
The SSA will send the new, higher checks to retirees, survivors, and disabled Americans starting on January 3rd, after this payment is made. This will give them enough money to cover their living costs.
If you do not know what the COLA is, it is one of the most important things for people who get Social Security benefits because it raises their benefits or pays to fight inflation.
When prices of goods and services go up, they get paid less compared to the cost of living. This is meant to counteract the effect of stable income on purchasing power.
Social Security confirmed a new extra SSI payment to be delivered on New Year’s Eve
As was already said, people who get SSI from Social Security will get a new payment on New Year’s Eve. People who get SSI will usually get $715 a month, but they could get other amounts too, depending on the category they chose.
People who meet all the requirements will get around $967, and couples will get up to $1,450. People who meet the requirements for essential person (EP) will also get an extra $484.
This means that individuals could get up to $1,451 and couples up to $1,934. People who get monthly benefits from the SSA should know that they have to meet all of their income and resource requirements before they can get them.
People who want to get SSI must be at least 65 years old, blind, or disabled, have limited resources, and have little or no income from jobs or pensions. They must also be a citizen, national, or noncitizen of the United States and live in one of the 50 states.
The SSA has an online tool that can help you figure out if you are eligible. The program will keep track of your plans to send in an application and set a “protective filing date” as you go. It only takes ten to fifteen minutes.
A protective filing date will be used to decide when your payments will begin if your application is accepted. It is also possible to get money from your filing date after the fact. You might be able to get back payments depending on your situation, but this does not happen very often.
How much income should people earn to qualify for the SSI payment?
For the Supplemental Security Income program, “income” means any money or thing of value that a person gets that can be used to pay for things like food or housing.
The amount of money you make each month is the starting point because your SSI payment is based on the type of money you make. In this case, the Social Security Administration does not count some kinds of earned income. If some or all of your income comes from wages, you may still be able to get help.
For someone to be eligible for SSI, their monthly income must also be less than $1,971 if it comes only from wages and $963 if it comes from sources other than wages. For a couple who only works, the monthly income is $2,915.00.
When it comes to couples who do not make any money, the most they can get each month from SSI is $1,435.00. The federal agency will look at all of your income to decide if you are eligible for the SSI payment. When figuring out if someone is eligible for SSI, some payments are not counted as income. Here are some examples:
- The first $20 of the month’s total income
- Amount of SNAP benefits.
- Refunds of income taxes
- State, local, or Indian tribal governments may provide need-based assistance or loans to you that must be repaid in cash or kind.
What are the blindness and disability requirements to qualify for the SSI payment?
The SSI payment standards say that someone is blind if they can not see 20/200 or more out of their better eye or if they can not see 20 degrees or more through corrective lenses.
For adults to get SSI, they must not be able to do a substantial gainful activity (SGA) because of a medically proven physical or mental disability that has been going on for at least 12 months and/or could kill them.
