In the US, people who get Supplemental Security Income (SSI) will get extra help in December 2024 thanks to the Cost of Living Adjustment (COLA). This is meant to counteract the effects of inflation. This change means that people who get SSI will get more money every month, which will help them out financially over the next year.
People who depend on SSI funds to meet their daily needs will benefit the most from this change. But there will be some oddities with the time of the December 2024 payments because of the holidays and planned payment dates. Beneficiaries need to know how and when these payments will be processed to plan their funds well.
Because of this, SSI recipients need to know how to get this Cost of Living Adjustment (COLA) in December and what they need to do to make sure they get their payouts on time. Here are the steps you need to take and how to do them.
How do I get the cost of living adjustment for 2025 from SSI in December?
The 2025 Cost of Living Adjustment (COLA) will be added to SSI payouts in December. The COLA is meant to help people who get it deal with the rising cost of living and make sure that their income stays the same even though prices are going up. One important thing to keep in mind, though, is that beneficiaries must have Direct Deposit turned on to get these funds.
Direct Deposit is the fastest and best way to get SSI because it makes sure that payments are made electronically and right away. People who don’t have this choice turned on may have to wait longer to get their payment. In order to use this method, beneficiaries must go through the Social Security Administration or its website and finish the process.
Also, because January 1 is a holiday for the New Year, payments for that month’s SSI will be sent earlier than normal. The payment for January 2025 will be sent earlier so that recipients don’t have to wait because of the holidays. The people who are supposed to get this payment will get it on December 31, just in time for the start of the new year. That’s why we can get the 2025 COLA before the year starts.
Terms and conditions for getting monthly SSI
People who get SSI must meet a few basic standards to be able to get it in December and the rest of the year. Supplemental Security Income is meant to help people who don’t make much money or have many resources, so certain financial requirements must be met. These are the general rules you must follow to get regular SSI payments:
Age and Disability: SSI is mostly for people over 65, who are blind, or who have a disability. The Social Security Administration (SSA) runs a medical method that must be used to prove disability.
Limited Income: Applicants must not make more than a certain amount of money each year. This rule makes sure that only people with low incomes can get SSI.
Lack of Resources: Applicants must also have a source of income and no more than $2,000 in personal resources (or $3,000 for married couples). Resources are things that can be used, like savings, land, and other assets.
For someone to be eligible for SSI, they must live in the United States, and the Social Security Administration must confirm their residency status.
How to Apply: People who want to get the benefit must fill out an application with the Social Security Administration. A thorough look at resources, income, and other things is part of this process.
Once these conditions are met and the application is handled, the person who is given the money will start getting monthly payments to help them stay alive. These payouts can be changed to account for inflation. One example is the Cost of Living Adjustment (COLA), which lets recipients get more money because of the rising cost of living.
It’s important to know that the Social Security Administration can help people who have questions about their status or the application process. Beneficiaries can also use the SSA’s online site to find out more about their benefits and check on their status.
