SSI is it Supplementary Security Income Benefit. It provides monthly payments to over 7 million Americans. In fact, they receive this money because they have a low income and little or no resources.
In addition to these 2 requirements, they must either be 65 or older or have a disability (or be blind). Both adults and children can do it qualify for SSI payments in August 2024.
SSI possible amount after 2025 COLA
If there was 2.57 per cent COLA increase for SSI, recipients would get an extra $2.57 for every $100 they receive from the federal government. So let’s take a look at the possible amounts in the following list:
- Supplementary Security Income recipients who receive $1,000 in 2024: after a likely 2.57% COLA boost they could get $1,025.7 USD.
- Supplementary Security Income recipients who receive $900 in 2024: after a likely 2.57% COLA boost they could get $923.13.
- Supplementary Security Income recipients who receive $800 in 2024: after a likely 2.57% COLA boost they could get $820.56.
- Supplementary Security Income recipients who receive $700 in 2024: After a potential COLA boost of 2.57%, they could get $717.99.
- Supplementary Security Income recipients who receive $600 in 2024: after a likely 2.57% COLA boost they could get $615.42.
- Supplementary Security Income recipients who receive $500 in 2024: after a likely 2.57% COLA boost they could get $512.85.
- Supplementary Security Income recipients who receive $400 in 2024: After a potential COLA boost of 2.57%, they could get $410.28.
What is the history of COLA adjustments for SSI and Social Security benefits over the past decade?
Over the past decade, Social Security and Supplemental Security Income (SSI) benefits have received the following Cost of Living Adjustments (COLAs):
- 2023: 3.2%
- 2022: 8.7%
- 2021: 5.9%
- 2020: 1.3%
- 2019: 1.6%
- 2018: 2.8%
- 2017: 2.0%
- 2016: 0.3%
- 2015: 0.0%
- 2014: 1.7%
SSI and the latest Social Security COLA projection
The Senior Citizens Association has made an important announcement to Social Security and SSI recipients. The latest COLA projection of 2.57%appears to be lower than last month’s.
Remember that the figure revealed for July was slightly higher. So the new COLA projection of 2.57% is down from 2.63% in July. This means that SSI recipients will get an increase, but not as high as expected.
Still, it’s not a negative thing because it means inflation isn’t high and prices aren’t rising either. However, another report from the Senior League revealed that Social benefits have lost around 20 percent of their purchasing power in the last 14 years.
For your information, the first Supplemental Security Income payment with the COLA increase will be issued on 31 December 2024.