WFCN –
The Senior Citizens League has announced a new and updated COLA projection for Social Security benefits. Their experts usually get it right, so SSI recipients can have an idea of what their future payments may be like.
SSI payments are for low-income Americans who have a disability, are blind, or are at least 65 years old. So, if you do not receive these payments of up to $943 for individuals, you could apply if you are in this situation. Let’s have a close look at the latest COLA projection.
SSI & the Social Security 2025 COLA projection
The Senior Citizens League claims that there could be a 2.5 percent COLA increase for Social Security benefits. So, SSI recipients can expect a similar boost. The only thing that is missing is the inflation for the month of September.
If things do not change much, it is more than likely that the COLA projection becomes true. Bear in mind that the Senior Citizens League predicted accurately the 2024 COLA increase for Social Security.
Future Social Security at Risk: Experts Sound the Alarm on Payment Issues
A 2.5% increase in Supplemental Security Income may not seem like a lot of money. However, it is better than not getting any extra money. Besides, it would have been much worse if there were cuts in benefits.
SSI benefits could be like this after the 2025 COLA increase by Social Security
If you receive the maximum amount for Supplemental Security Income, your benefits could become $966. If compared to the current amount, $943, it will be about 23 dollars higher.
Bear in mind that in one year, the 2025 COLA would mean getting about $282 extra. Therefore, it is essential to get this extra money even if it is just 2.5%. The higher your payment is, the larger the increase seems.
For example, if you are an eligible married couple and you qualify for $1,415, you could get about $1450. Thus, the 2025 COLA boost for SSI will mean getting 35 dollars extra if you receive $1,415 per month.