Only three payments totaling up to $900 are due in November before recipients experience the Cost-of-Living Adjustment (COLA) hike in January 2025.
For people who depend on Social Security, this adjustment, which is anticipated to be around 2.5%, provides some inflation respite. These last payments have been planned by the SSA, and although they might appear standard, there are a few special considerations.
December and November
The beginning of every month is important for people receiving Supplemental Security Income (SSI) benefits, and the SSA adheres to a set calendar for Social Security payments.
Over 7.5 million people are enrolled in the SSI program, which is intended to help those who are blind, disabled, or have low incomes. SSI payments are normally paid on the first of each month, however in December 2024, there will be an exception to this rule.
SSI recipients will get two payments in November. The first, valued at up to $900, was delivered on November 1st, and the second is scheduled to arrive on November 29th.
In a single month, why two payments? Because December 1st comes on a Sunday, which is a non-business day, this second check, which is also for $900, represents an advance on the December payment.
The SSA guarantees that SSI users won’t have any delays in getting their cash over the December holiday season by rescheduling the payment to November 29.
Funding for payments
It’s critical to comprehend how SSI and Social Security programs differ in terms of funding. Even though the SSA oversees both, their funding comes from different sources.
The U.S. Department of the Treasury provides funding for SSI, and some states may also offer their citizens additional assistance. On the other hand, all workers in the nation pay income taxes, which are used to pay for Social Security retirement payments.
In short, Social Security retirement and disability benefits are financed by employer and employee contributions, whereas SSI is a Treasury-funded assistance program.
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Cost-of-Living Adjustment
The COLA will result in a 2.5% rise in Social Security benefits for individuals who depend on it in the coming year. Every year, this adjustment is made to reflect growing living expenses, enabling recipients to keep their purchasing power in spite of inflation.
The modification will only take effect in January 2025; final payments for 2024 will still show the regular amounts.
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Payments from Social Security and SSI
When the first of the month comes on a weekend or holiday, it is customary for SSI enrollees to get their advance payment of December payments on November 29.
On the other hand, depending on the recipient’s date of birth, Social Security retirement benefits are paid out at various points throughout the month. Payments are made in the second week to those born in the first ten days of the month, and later to those born in the second or third set of ten days.
The SSA will finish its 2024 payment schedule with these final three payments. In conclusion, recipients will get:
- Received up to $900 in their first SSI payment on November 1.
- The December payment was followed by a second SSI payment on November 29.
- Retirement recipients will receive a last payment in December, with checks coming according to each person’s birthdate.
Beneficiaries can visit the SSA website, which updates the schedule and any pertinent modifications every year, to stay up to current on these payments and any future adjustments.
