Social Security Tweaks Payments: Could Your $4,873 Be Impacted?

Social Security Tweaks Payments Could Your $4,873 Be Impacted
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A modification to the payment schedule affecting Supplemental Security Income (SSI) claimants has been notified by the Social Security Administration (SSA). With this modification, recipients will receive their payments on schedule even if some dates fall on non-working days starting in November 2024.

The principal modification is to the payment schedule for December 2024, when it will be advanced to Friday, November 29, due to December 1 falling on a weekend. It is crucial to remember that the second payment is meant for December, even if this means that beneficiaries would get two installments in November.

What you should know about the upcoming changes to the Social Security payment schedule?

Beneficiaries should be aware that the second payment in November is not an extra bonus, even though this modification may seem beneficial to some as they will receive two payments in the same month. Rather, because of the weekend’s date, the standard December payment is being made early.

If they don’t properly manage their December expenses, this early payout may cause difficulties for folks whose primary source of income is SSI. Recipients should be aware that the funds will have been distributed by the end of November, so they won’t be receiving another payment in December.

How can one apply for Supplemental Security Income (SSI)?

SSI is a government program run by the Social Security Administration (SSA) that offers financial support to people with low income and resources who are blind, disabled, or 65 years of age or older. As opposed to other Social Security payments, SSI is determined by a person’s financial need rather than their employment history.

Applicants for SSI must fulfill certain resource and income standards.

For instance, the maximum amount of assets that an individual may possess is $2,000, although the combined amount for couples is $3,000. These limitations cover the majority of an individual’s assets; but, some assets—like their primary property and one vehicle—are not included in this computation.

Read Also: SNAP Benefits: 19 States Distributing Up to $1,751 in Food Assistance This Week

Why the advance of SSI benefits is being made?

When a weekend or holiday falls on the original payment date, the SSA will advance the payment in accordance with policy. This procedure guarantees that beneficiaries receive their money right away, particularly on occasions when banks can be closed.

Since the purpose of the SSI program is to give people with low means a basic income, these kinds of changes are typical for SSI payments. Other benefits, such retirement or disability payments, are less likely to be impacted by comparable calendar shifts.

Reference

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With more than two years of expertise in news and analysis, Eileen Stewart is a seasoned reporter. Eileen is a respected voice in this field, well-known for her sharp reporting and insightful analysis. Her writing covers a wide range of subjects, from politics to culture and more.