The Social Security Administration (SSA) has scheduled the next Supplemental Security Income (SSI) payment for qualified seniors at $1,415 for couples, with distribution set for Monday, July 1. This payment reflects the SSA’s annual 3.2% cost-of-living adjustment (COLA) from the previous October. On average, SSI beneficiaries receive $698 per month, though payments can vary based on the filing type. For instance, eligible individuals could receive up to $943, while couples receive the maximum of $1,415 per month. Predictions for the next COLA adjustment range between 2.6% and 3.2%, potentially raising SSI benefits to $973 and $1,460 for individuals and couples in 2025.
How the SSA Determines SSI Payment Amounts
The SSA bases SSI payments on a recipient’s income and resources, focusing on income sources that could cover basic housing and food needs. Income is classified into earned, unearned, in-kind, and deemed categories, with each type subject to specific rules.
- Earned Income: Wages, self-employment earnings, royalties, honoraria, and sheltered workshop payments are considered.
- Unearned Income: Includes Social Security benefits, pensions, and other forms of passive income.
- In-Kind Income: Covers food or shelter provided at little to no cost.
- Deemed Income: This includes a spouse’s, parent’s, or sponsor’s income, where a portion is allocated toward the recipient’s SSI benefit calculation.
For recipients with substantial countable income, monthly SSI benefits may be reduced or even withheld if their income exceeds the SSA’s maximum allowable limit.
Income Exclusions in SSI Payment Calculations
Certain types of income are excluded from SSI calculations to ensure fair assessments of each recipient’s financial situation. Key income exclusions include:
- Monthly Exemptions: The first $20 of monthly income and the initial $65 of monthly wages, plus half of the earnings exceeding $65.
- Tax Refunds and Energy Aid: Tax refunds and state or municipal energy assistance are excluded.
- Other Exemptions: Food stamps, small occasional income, federal educational aid (e.g., grants, scholarships, and fellowships), nonprofit assistance based on need, and loans that must be repaid.
Other exemptions include the Plan to Achieve Self-Support (PASS) for working disabled individuals, work expenses for the impaired, and specific tribal fund payments.
SSI Payment Schedule for the Second Half of 2024
SSI payments follow a set schedule each month, with typical payments issued on the first, except when the date falls on a weekend or holiday. For these months, payments are issued the business day before. Recipients with both Social Security and SSI benefits receive their Social Security payment on either the second, third, or fourth Wednesday of the month, depending on their birthdate.
| SSI Payment Date | Day of Payment |
|---|---|
| August 1 | Thursday |
| August 30 | Friday |
| October 1 | Tuesday |
| November 1 | Friday |
| November 29 | Friday |
This structure ensures timely support for beneficiaries, with special provisions when holidays may cause delays.
Expected COLA Adjustments for 2025
The Senior Citizens League (TSCL) anticipates a COLA range of 2.6% to 3.2% for 2025, which would result in slight increases in SSI payments. If the maximum 3.2% adjustment occurs, monthly payments could reach $973 for individuals and $1,460 for couples, enhancing financial support as inflationary pressures impact purchasing power.
What is the maximum SSI payment for an individual and a couple?
The maximum SSI payment is $943 for individuals and $1,415 for eligible couples. This amount includes the current COLA adjustments.
How does in-kind income impact my SSI benefit?
In-kind income—such as free or reduced-cost housing—can be factored into your SSI payment calculation, potentially reducing the monthly benefit amount.
When can I expect my SSI payment each month?
Payments are typically issued on the first of each month, except when the first falls on a weekend or holiday. In such cases, payments are issued on the preceding business day.
