The second half of the year has brought good news for those receiving Supplemental Security Income (SSI). The Social Security Administration (SSA) has announced three key changes that will help claimants get more money.
These changes include adjustments due to inflation and a new policy. If you’re receiving SSI or thinking about applying, read on to see how these updates could benefit you.
What is SSI and How is it Funded?
The SSI program, managed by Social Security, provides financial aid to eligible individuals with disabilities and low incomes. Unlike Social Security benefits funded by
payroll taxes, SSI payments come from the general revenue of the U.S. Treasury. SSI aims to support people earning less than $1,971 per month, including those needing child support or disabled individuals.
Eligibility Criteria for SSI Benefits
To qualify for SSI benefits, applicants must meet specific income and resource limits. For individuals, the resource limit is around $2,000, and for couples, it is about $3,000. This includes savings, property, and even vehicles.
You can check if you qualify and start the application process using the SSA’s online tool. The application usually takes about five to ten minutes to complete.
Three Key Changes to SSI Benefits
1. Increased SSI Payment Standards
This year, the SSI Federal payment standard has risen to $943 per month from $914 in 2023. This amount might increase further next year, depending on the cost of living adjustment (COLA) announced in October.
Currently, the average SSI payment is $698 per month, but eligible individuals and couples can receive up to $943 and $1,415, respectively.
2. Reduced Barriers for SSI Benefits
The SSA is working to make it easier for more people to qualify for SSI benefits. They have identified 114 jobs that are very rare and will no longer use these jobs to decide if someone is “not disabled.”
This means fewer applications will be rejected because of the job market, making it easier for those with disabilities to get SSI.
3. New COLA for 2025
The Senior Citizens League (TSCL) has predicted a cost of living adjustment (COLA) for 2025 to be between 2.6% and 3%. Although this is less than the 3.2% COLA for 2024, it still means more money for recipients.
If the COLA is set at 3%, the average SSI payment could rise from $698 to $719, individual payments from $943 to $971, and couple payments from $1,415 to $1,457.
These updates from the Social Security Administration are designed to provide more financial support to SSI recipients. With increased payment standards, fewer barriers to eligibility, and a new COLA for 2025,
many individuals and couples will benefit from additional financial aid. If you’re eligible for SSI or thinking of applying, these changes could make a significant difference in your financial situation.
1: What are the new SSI payment amounts for 2024?
For 2024, the SSI Federal payment standard is $943 per month, up from $914 in 2023. This may increase further based on the cost of living adjustment (COLA) announced in October.
2: How can I check if I qualify for SSI benefits?
To check if you qualify for SSI benefits, use the SSA’s online eligibility tool. The application process is quick and usually takes between five to ten minutes.
3: What changes are being made to SSI eligibility?
The SSA is reducing barriers by not using 114 rare occupations to determine if someone is disabled. This means fewer applications will be rejected based on job market conditions.
4: How will the COLA adjustment affect my SSI payments in 2025?
The COLA adjustment for 2025 is projected to be between 2.6% and 3%. If it’s 3%, the average SSI payment could increase from $698 to $719, and individual payments could rise from $943 to $971.
5: What is the new payment standard for SSI couples?
The new SSI payment standard for couples is $1,415 per month, up from $1,373 in 2023. This amount may also increase further depending on the 2025 COLA adjustment.
