Some Social Security recipients will receive two payments this month, same like some will receive an additional salary in May.
It’s all due to a peculiarity in the payment schedule of the Social Security Administration. A few of times a year, one month’s worth of Supplemental Security Income (SSI) cheques will sometimes be split into two. In May of 2024, there will be three double-payment months.
The agency calendar indicates that the first SSI check was sent out on May 1. On May 31, the last check will be sent out.
This does not imply that the beneficiaries have an abundance of money. June will not receive money due to May’s double payout, but why?
The reason for this is that Social Security always distributes its SSI benefits on the first of the month. The payment for that month is disbursed on the preceding business day if the first day falls on a weekend or holiday.
SSI recipients will receive their payment on May 31st, as June 1st falls on a Saturday. July 1st will be their next scheduled payment date.
This does not imply that the beneficiaries have an abundance of money. June will not receive money due to May’s double payout, but why?
The reason for this is that Social Security always distributes its SSI benefits on the first of the month. The payment for that month is disbursed on the preceding business day if the first day falls on a weekend or holiday.
SSI recipients will receive their payment on May 31st, as June 1st falls on a Saturday. July 1st will be their next scheduled payment date.
Even though it’s only May, some experts believe that in 2025, Social Security benefits may rise.
In light of the March inflation numbers, the nonpartisan Senior Citizens League revised its long-term projection for the Social Security cost-of-living adjustment to 2.6% last month. Up from 1.7% the previous month, that is. The group cautions that even if their prediction comes to pass, it could not be enough.
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“There will be an increase of almost $45 if the COLA rises by 2.6%. For that, what can you purchase? In the March report, TSCL director Shannon Benton stated, “Not much.”
Whether or whether benefits will rise in 2019 has not yet been announced by the Social Security Administration.
However, it appears that Social Security’s long-term future is dubious. The go-broke dates for both Social Security and Medicare have been moved back, according to the annual trustees report released on Monday. This is because the expected depletion dates for both programs have shifted due to a stronger economy.
However, experts caution that policy adjustments are necessary to prevent the programs from failing to provide retired Americans with their full benefits.
