Though it may seem hard to believe, November is almost here, bringing elections, Thanksgiving, and for roughly seven million beneficiaries of the Supplemental Security Income SSI program, an extra payment from the Social Security Administration (SSA). This additional check isn’t due to any special adjustment but rather a unique quirk in the 2024 calendar.
The Social Security program, through SSI, typically issues a monthly check to beneficiaries on the first day of each month. However, if the first falls on a weekend or holiday, payments are advanced to the last business day of the previous month. This adjustment in the schedule explains why beneficiaries might receive two payments some months and none in others.
Why is there an SSI extra payment in November?
This scenario recently played out in August, when SSI recipients got both their August and September payments. Consequently, no check was issued in September.
November will be similar to August in terms of Social Security payments. SSI beneficiaries will receive two checks: one for November and an early December payment. This is because December 1, 2024, lands on a Sunday, causing the December payment to be moved to the last business day of November.
While these adjustments are common in the Social Security Administration’s payment calendar, they can cause confusion. Despite receiving two checks in one month, beneficiaries will not see an increase in their total annual income—they will simply receive their funds on different dates.
What’s in store for 2025?
The payment schedule will continue to play a significant role in SSI distribution next year. Since the first days of January, February, and March 2025 fall on weekends or holidays, those payments will be moved to the previous month’s last business day. As a result, the January payment will arrive on December 31, 2024, the February check on January 31, and the March check on February 28.
March will be another month without an SSI check, but starting in April, the regular payment schedule will resume, with no further irregularities.
Will this affect regular Social Security beneficiaries?
If you receive regular Social Security benefits and aren’t part of the SSI program, you won’t experience any changes in your November or December payments. These will continue to be issued on the usual dates, without disruption.
However, you may notice a change in your monthly income due to the recent Cost-of-Living Adjustment (COLA) announced by the SSA. This adjustment is made annually to counter inflation, based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) calculated by the Department of Labor.
How will the COLA affect payments in 2024?
The COLA for 2024 has been set at 2.5%, meaning Social Security payments will increase accordingly. While this adjustment is lower than the 3.2% applied in 2023 and the 8.7% from 2022, it reflects a more moderate level of inflation compared to previous years. For those who depend on Social Security, this adjustment will be welcomed, as it helps maintain purchasing power in the face of rising costs.
Preparing for payment schedule changes
For many SSI beneficiaries, receiving two checks in one month can lead to confusion and affect budgeting. Although the annual total remains unchanged, beneficiaries will need to manage their funds carefully to avoid disruptions in the months when no payment is issued.
It’s a good idea for beneficiaries to mark payment dates on their calendars to avoid surprises. If you have questions about the payment schedule or how the COLA might affect your monthly income, you can check the Social Security Administration’s website or consult with a financial advisor.