SSI Beneficiaries Receive COLA Increase for 2024, But No January 2025 Payments

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The year 2024 brings some welcome news for Supplemental Security Income (SSI) recipients, as they will see a 3.6% increase in their monthly payments due to the Cost-of-Living Adjustment (COLA). However, the new year will also bring some confusion regarding payment schedules. Here’s everything you need to know about the COLA increase, the early January 2025 payments, and how to manage your finances effectively during this transition.

2024 COLA Boost for SSI Beneficiaries

Thanks to the COLA adjustment, SSI recipients will see an increase in their monthly benefits, helping them stay on track with inflation. The COLA adjustment is designed to maintain purchasing power as living costs rise.

  • Increase in Benefits: SSI beneficiaries will receive a 3.6% increase, based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This will raise the monthly payment for individuals from $943 to $967, while couples will see an increase from $1,415 to $1,450.

These increases are essential for those who rely on SSI benefits to cover basic living expenses like housing, healthcare, and groceries. This adjustment will ease the pressure of rising costs.

What’s Changing with Payments in January 2025?

Typically, SSI payments are issued on the first of each month. However, due to the New Year’s Day holiday, January 1, 2025, payments will be issued early on December 31, 2024. This means there will be no payment in January 2025, as the January payment will already be distributed. While this change may cause confusion, it’s important to note that no payments will be missed; it’s simply an early payment adjustment.

How to Manage the Early January 2025 Payment Schedule

Since the January payment is distributed on December 31, 2024, recipients should plan their finances accordingly to avoid a gap in coverage. Here are some practical steps to help manage this early payment schedule:

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