The Social Security Administration (SSA) has announced that the next Supplemental Security Income (SSI) payment of $1,415 for eligible seniors is set to arrive soon. Here’s what you need to know about this payment and its implications.
Payment Details
The SSA has scheduled the next SSI payment for Monday, July 1. This payment ensures that eligible seniors receive their funds promptly. Here are the details:
- Individuals: Up to $943
- Couples: Up to $1,415
Cost of Living Adjustment (COLA)
The $1,415 payment for couples includes a 3.2% increase from the COLA approved last October. This adjustment helps recipients cope with inflation and rising living costs. According to the Senior Citizens League (TSCL), the COLA for next year could range between 2.6% and 3.2%. If the 3.2% projection for 2025 is accurate, the new SSI payments will be:
- Individuals: $973
- Couples: $1,460
SSI Payment Schedule
SSI payments are typically distributed on the first of each month, but if this date falls on a weekend or federal holiday, payments are made on the preceding business day. Here are the upcoming payment dates for the rest of the year:
| SSI Payment Date | Day |
|---|---|
| July 1 | Monday |
| August 1 | Thursday |
| August 30 | Friday |
| October 1 | Tuesday |
| November 1 | Friday |
| November 29 | Friday |
Social Security Payment Dates
For those receiving only Social Security benefits, payments are made on the second, third, or fourth Wednesday of each month based on the beneficiary’s date of birth. This staggered schedule helps manage the distribution process efficiently.
Benefit Calculation
Social Security benefits are calculated based on your average monthly indexed earnings over the 35 years you earned the most. The SSA uses this data to determine your Primary Insurance Amount (PIA). You can view your earnings history and estimate your benefits by logging into your online SSA account.
Special Payments After Retirement
Even after retirement, you might receive special payments for work completed before retirement. These include:
- Bonuses
- Sick leave or vacation pay
- Severance pay
- Back pay
- Standby pay
- Sales commissions
- Deferred compensation reported on a W-2 form
For self-employed individuals, any net income earned after the first year of retirement from work done before retirement also counts as special payments. Examples include:
- Farm program payments
- Income from carryover crops
- Business income where the owner does not perform significant services
These payments do not generally affect your Social Security benefits, allowing you to receive the full amount you’re entitled to.
1. When will the next SSI payment be made?
The next SSI payment is scheduled for Monday, July 1. Payments are typically distributed on the first of each month unless it falls on a weekend or federal holiday, in which case they are made on the preceding business day.
2. How much will SSI recipients receive in the upcoming payment?
For the upcoming payment, individuals can receive up to $943, and couples can receive up to $1,415.
3. What is the Cost of Living Adjustment (COLA) for 2025?
The COLA for 2025 is projected to be between 2.6% and 3.2%. If the 3.2% projection holds, SSI payments will increase to $973 for individuals and $1,460 for couples.
