Millions of Social Security beneficiaries will receive an additional payment next month. This phenomenon is not uncommon and is a result of the calendar’s scheduling inconsistencies.
In particular, recipients of Supplemental Security Income (SSI) will receive two installments, which will be a much-needed financial boost for those who depend on this benefit to cover their basic living expenses.
The purpose of the supplementary check, the qualifications for eligibility, and the implications for Social Security recipients are all examined in this article.
Why an Extra Payment?
The additional payment due next month is a result of the Social Security Administration’s (SSA) payment schedule. Social Security and SSI payments are routinely made on specific dates each month. However, when the first day of the month falls on a weekend or holiday, payments are transferred to the last business day of the previous month.
SSI recipients will receive their payment on Friday, November 1, 2024, as the first day of the month occurs on a Saturday. Nevertheless, they will also receive an additional payment on December 1, 2024, as a result of the calendar’s peculiarities.
Who Will Get This Extra Check?
The only individuals who will benefit from this double payment scenario are SSI recipients. SSI is a program that is intended to provide support to low-income individuals who are blind, disabled, or 65 years of age or older. These benefits are distributed throughout the nation to approximately 7.4 million individuals.
On the final business day of October, you will receive your monthly payment for November, and you will receive an additional check on the first business day of December if you are one of these recipients.
The payment schedules for individuals who receive Social Security but do not receive Supplemental Security Income (SSI) are contingent upon their birthdate. Regrettably, this additional payment does not apply to regular Social Security recipients unless they also qualify for SSI.
Payment Amounts for SSI Recipients
The average monthly SSI payment for 2024 is approximately $943, an increase from $914 in 2023, as a result of the cost-of-living adjustment (COLA) inflation. In 2024, the monthly benefits of couples who receive SSI will increase to $1,415.
The purpose of these increases is to assist beneficiaries in maintaining a consistent standard of living in response to the increasing costs of living and inflation.
Why Does This Happen?
A straightforward calendar quirk has resulted in this double-payment situation. The first of the month is the date on which SSI payments are always made, unless it falls on a vacation or holiday, in which case the payment is delayed until the last business day of the previous month.
This year, beneficiaries will receive their November payment at the conclusion of October and their December payment at the beginning of December. Although it may appear to be a “extra” check, it is merely a change in the timing of the payment, rather than an incentive or additional benefit.
Table of SSI Payment Schedule for November 2024:
| Date | Event | Who is Affected |
|---|---|---|
| October 31, 2024 | November SSI payment released | All SSI recipients |
| December 1, 2024 | December SSI payment released | All SSI recipients |
Impact of Cost-of-Living Adjustment (COLA)
The additional check may appear more substantial in comparison to the 3.2% COLA increase for 2024. This increase guarantees that Social Security and SSI recipients receive enhanced benefits to mitigate inflation.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is the basis for the calculation of COLA, which monitors fluctuations in the prices of products and services.
This additional check, in conjunction with the COLA increase, could offer substantial financial assistance to numerous recipients.
How to Prepare for the Extra Check
SSI recipients should ensure that they allocate funds for these dual disbursements prudently. It is crucial to bear in mind that this is not an additional benefit in terms of fresh funds, but rather an advance on the December payment.
Plan accordingly to guarantee that your finances remain consistent throughout the month.
Key Takeaways
- An additional check will be issued to certain Social Security recipients, specifically those identified as SSI beneficiaries, next month.
- The reason for this double payment is that the first of the month falls on a weekend or holiday, which results in a payment advance.
- November’s SSI payments will be disbursed on October 31, 2024, and December’s payments will be disbursed on December 1, 2024.
- The average SSI payment for 2024 is $943, which is the result of a 3.2% COLA increase.
- To prevent financial stress in December, it is important to plan ahead and allocate funds for this circumstance.
While receiving two payments in a single month may appear to be a financial windfall, it is important for SSI recipients to recognize that this is not an additional benefit. Rather, it is an advance payment to account for the calendar adjustment.
It is crucial to consider the following month, when no additional payments will be made, as the increase may be beneficial in the short term. Social Security and SSI recipients can continue to anticipate increasing benefits in order to remain competitive with inflation as a result of the COLA adjustment.
