The Social Security Administration (SSA) has recently announced a change to the payment schedule that will impact recipients of Supplemental Security Income (SSI). This adjustment is set to take effect in November 2024 and aims to ensure that beneficiaries receive their payments on time, even when certain dates fall on non-working days.
The primary change involves the payment for December 2024, which will be moved up to Friday, November 29, since December 1 falls on a weekend. This means that beneficiaries will receive two deposits in November, but it is important to note that the second payment is intended for December.
The Social Security payment schedule is changing: what you need to know
While this adjustment might seem advantageous to some, as they will receive two payments within the same month, it’s crucial for beneficiaries to understand that the second payment in November is not an additional bonus. Instead, it is the regular December payment that is being issued early due to the timing of the weekend.
For those who rely on SSI as their main source of income, this early payment could cause confusion if they don’t plan their December expenses carefully. Beneficiaries need to be mindful that they will not receive another payment in December, as it will have already been disbursed at the end of November.
Why the SSI payments are being advanced
The SSA follows a policy of advancing payments when the original payment date falls on a non-working day, such as a weekend or holiday. This practice ensures that beneficiaries have access to their funds without delays, especially during times when banks may be closed.
These types of adjustments are common for SSI payments, as the program is designed to provide basic income to individuals with limited resources. However, it is not as common for other types of benefits, such as retirement or disability payments, to be affected by similar calendar changes.
What is the Supplemental Security Income (SSI) program?
SSI is a federal program administered by the SSA that provides financial assistance to individuals who are aged 65 or older, blind, or disabled, and who have limited income and resources. Unlike other Social Security benefits, SSI is not based on a person’s work history but rather on their financial need.
To qualify for SSI, beneficiaries must meet specific income and resource requirements. For example, individuals are not allowed to have more than $2,000 in assets, while the limit for couples is $3,000. These limits include most of the assets a person owns, although certain assets, such as the primary residence and one vehicle, are exempt from this calculation.
The monthly SSI benefit amount is determined by subtracting any countable income from the maximum federal benefit rate. Not all income is considered when making this determination, as some income, such as a portion of earned income and certain non-cash benefits, may be excluded.
Key SSI payment dates for 2024
It is essential for SSI beneficiaries to be aware of the exact dates on which they will receive their payments to avoid any misunderstandings. Here are the key dates for the remainder of 2024:
- Friday, August 30: Payment for September 1
- Tuesday, October 1: Payment for October
- Friday, November 1: Payment for November
- P: Payment for December 1, issued early
These dates are specific to SSI, and it is crucial for beneficiaries to keep them in mind when planning their monthly finances. Payments for other Social Security benefits, such as retirement, disability, and survivor benefits, follow a different schedule and are generally not affected by these types of changes.
