On the last day of 2024, a Supplemental Security Income (SSI) payment must arrive ahead of its original date, due to a quirk of the Social Security Administration (SSA) calendar, and you should be aware to avoid surprises when You see money entering your bank account when in theory it shouldn’t be.
The Supplemental Security Income (SSI) payment for January 2025 will be made earlier than usual, with a scheduled date for December 31, 2024.
This modification to the payment schedule is a change that affects all beneficiaries of this program, thus facilitating the start of the new year with an additional amount in your accounts.
Why Social Security advances the January SSI payment?
The decision to advance December payments is related to the proximity of the end-of-year holidays. Historically, financial aid administrations seek to ensure that recipients have access to these funds at a time when financial need may be most pronounced.
These types of adjustments to the payment schedule also help maintain economic stability for those who depend on these resources.
At the same time, it is worth noting that this payment is the first next year that is already impacted by the Cost of Living Adjustment (COLA) that applies to SSI payments and others administered by the SSA.
For 2025, this adjustment has been set at 2.5%, which implies an increase in the benefits that SSI beneficiaries will receive. This adjustment is critical since it aims to maintain the purchasing power of beneficiaries in the face of rising inflation.
With this increase, the maximum Supplemental Security Income benefit was set at $967 per month for an individual, and at $1,450 for a beneficiary with a qualifying spouse.
Finally, the maximum payment for an essential person for assistance will be $484 per month until December 2025 inclusive.
Eligibility conditions and limited resources for SSI
Recipients must meet specific eligibility criteria to receive SSI.
These criteria include being over 65 years old, blind or disabled. In addition, it is important that the income and resources of the applicants are limited, since these factors are determining factors in qualifying for the program.
As for resources, applicants must have a limit of $2,000 in assets for individuals and $3,000 for couples.
This includes assets such as money in bank accounts, non-excluded property, and other assets. Exceptions apply to the primary residence, allowing beneficiaries to maintain their home while receiving financial assistance.
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The SSA launched a new online service to quickly and easily apply for SSI benefits
The new simplified online application for Supplemental Security Income (SSI) is now available for certain adults, making the application process much easier and more eligible people able to apply.
This advancement is part of a broader effort by the agency to improve access to benefits and programs for people with disabilities and older adults with little income or resources:
If you don’t know how to use the internet, a smartphone, or a computer, you can ask another trusted person to help you apply.
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This tool considerably reduces the number of questions in the process, going from 54 to only 12, which makes the presentation faster.
It is designed for adults ages 18 to 64 who are applying for SSI and SSDI, have never been married, and have not previously applied for SSI.