SSI Update – Remaining Payment Dates Before the 2025 COLA Increase Hits Your Bank Account

The excitement is building for Supplemental Security Income (SSI) recipients as they anticipate the 2025 Cost of Living Adjustment (COLA). However, this much-needed financial boost won’t be in their pockets just yet. The Social Security Administration (SSA) won’t reveal the official COLA percentage until October 10, 2024. This leaves SSI beneficiaries waiting a few more months to know exactly how much their benefits will increase.

The most recent projection from the Seniors Citizen League, as of July 2024, suggests a COLA of about 2.63%. While some may feel that this increase is modest, it still represents an essential adjustment to help beneficiaries cope with rising living costs.

Payments

So, how many SSI payments remain before the 2025 COLA takes effect? According to the SSA’s payment schedule, there are just four SSI paydays left. This means the countdown is on, and recipients are getting closer to receiving their enhanced benefits.

The first payment reflecting the 2025 COLA will arrive on December 31, 2024. Although this is technically a December payment, it will cover the January 1, 2025, benefits, as New Year’s Day is a federal holiday, and payments aren’t issued on weekends or holidays.

Schedule

Here’s a breakdown of the upcoming SSI payments leading up to the COLA increase:

• August 30, 2024: This payment covers September’s benefits. Since September 1 falls on a Sunday, the payment will be sent two days earlier.
• October 1, 2024: This payment will be on the standard schedule and is for October benefits.
• November 1, 2024: Similarly, the payment for November arrives on the first day of the month.
• November 29, 2024: This payment represents the December benefits but is issued on the preceding business day, as December 1 is a Sunday.

After these four payments, recipients can expect their first payment with the 2025 COLA on December 31, 2024.

Important Considerations

It’s crucial to remember that not everyone qualifies for SSI payments. These benefits are reserved for individuals who meet specific income and resource limits. Beneficiaries must report any changes in income to avoid overpayments. Maintaining eligibility is key to ensuring uninterrupted payments, including the forthcoming COLA increase.

Staying informed about the SSA’s payment schedule can help beneficiaries manage their finances more effectively. This way, there’s no confusion about when to expect payments, especially during the transitional period leading up to the 2025 COLA.

As the wait continues, SSI recipients can take comfort in the fact that a little patience will soon pay off with a small but vital increase in their benefits.

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