Feeling the Holiday Burden Coming Up? Don’t Miss These End-of-Year Stimulus and SSI Updates for 2025
As the holiday season approaches, many Americans are looking for ways to manage rising costs and financial challenges.
This article explores critical updates about remaining stimulus payments for 2024 and essential changes to Social Security Income (SSI) in 2025, helping you stay informed and prepared.
Stimulus Payments Before the Holidays
Even though federal stimulus checks have largely stopped, there’s good news for residents in certain states:
1. TABOR Refunds in Colorado
Mesa County is sending out Taxpayer’s Bill of Rights (TABOR) refunds to eligible voters.
Over $11 million in excess revenue will be returned to 114,839 active registered voters.
Each voter aged 18 or older as of November 25, 2024, will receive $100 via checks mailed during the week of December 16, 2024.
2. Alaska’s Permanent Fund Dividend (PFD)
In Alaska, residents who qualify as "Eligible-Not Paid" for the Permanent Fund Dividend will receive payments of $1,312.
This includes individuals whose 2024 applications are in the "Eligible-Unpaid" status as of December 11, 2024.
Additionally, a final payment of this type is scheduled for January 16, 2025, for those eligible as of January 8, 2025.
These payments are a lifeline for many Americans facing inflation and the rising cost of living.
If you’re eligible, check your status today and ensure your information is updated to receive these funds.
SSI Changes in 2025: What to Expect?
SSI provides vital support for seniors, disabled individuals, and others with limited income.
Here are the key updates to SSI for 2025:
1. Cost of Living Adjustment (COLA)
The Social Security Administration has announced a 2.5% increase in COLA for 2025.
This adjustment means an average monthly increase of $49 for individuals and $75 for married couples, raising the average monthly check for retirees to $1,976 (single) and $3,089 (married).
2. Changes to Full Retirement Age (FRA)
For those born in 1959, the FRA will increase to 66 years and 10 months in 2025.
This means two additional months of work to receive 100% of your Social Security benefits.
If you’re planning to retire early, understand that earlier retirement leads to greater benefit reductions.
3. Work Credit Requirements and Taxes
To qualify for Social Security benefits in 2025, individuals must earn a minimum of $1,810 per credit (up to four credits yearly).
Those earning over $176,100 will not be subject to Social Security taxes, benefiting higher-income earners.
How to Apply for SSI
If you or a loved one may be eligible for SSI, here’s how to apply:
- Online: Visit the SSA website to complete your application.
- Phone: Call 1-800-772-1213 to schedule an appointment.
- In-person: Visit a local Social Security office.
Be prepared to provide documentation, including proof of income, assets, medical records, and identification.
Once your application is submitted, monitor updates through your My Social Security account or by contacting the SSA directly.
Staying Ahead of Financial Changes
Understanding these updates ensures you maximize available government benefits and remain prepared for changes in the coming year.
From the final rounds of stimulus checks to updates in SSI benefits, these programs are designed to support Americans in navigating economic uncertainties.
For further details or to check your eligibility for these programs, visit the official Social Security Administration website.
Let’s make the most of these opportunities and step into 2025 with confidence.
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