The United States Social Security Administration (SSA) has recently announced that the upcoming Supplemental Security Income (SSI) payments will amount to $1,415 for qualifying couples based on established income and resource requirements.
This figure represents a significant increase, as the average monthly SSI benefit is typically around $698. However, the amount can vary considerably depending on whether the application is made as an individual or a couple.
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Social Security payment schedule for 2024
Individuals can receive up to $943, while couples have the potential to receive $1,415 monthly. This payment already includes the 3.2% cost-of-living adjustment (COLA) that was approved last October.
The latest projections from The Senior Citizens League (TSCL) suggest that next year’s COLA could range between 2.6% and 3.2%, though these values will only be confirmed at the end of 2024. If the 3.2% increase is approved for 2025, the SSI monthly payment would rise to $973 for individuals and $1,460 for couples.
SSI payment Schedule for 2024
Social Security beneficiaries who receive only this benefit typically have their payments scheduled for the second, third, or fourth Wednesday of each month, depending on their birthdate. Meanwhile, SSI beneficiaries generally receive their payments on the first day of each month, unless it falls on a weekend or a federal holiday, in which case the payment is made on the last business day prior.
This year, the Social Security payment calendar will have a peculiarity in May, August, and November, where some beneficiaries might receive a double payment. To know the exact payment dates confirmed by the SSA, beneficiaries can check the 2024 Benefit Payment Schedule available on the official website.
Social Security and SSI beneficiaries, including those who applied for benefits before May 1997, usually receive their payments on the 1st and 3rd of each month. If a holiday or weekend falls on these dates, the payments are moved to the last business day before, ensuring continuity in benefit reception.
How Social Security benefits are calculated
The amount of Social Security benefits a person receives is determined by their average indexed monthly earnings over the 35 years they earned the most money. The SSA uses a specific formula to calculate the primary insurance amount (PIA). Additionally, beneficiaries can access their earnings history and estimate future benefits by logging into their online account on the SSA website.
It’s important to note that income received after retirement, which was earned while working, is considered a special payment. This includes situations where the last task required to receive a payment was completed before stopping work.
Examples of these special payments include bonuses, sick or vacation pay, severance pay, retroactive pay, standby pay, sales commissions, and retirement benefits. Deferred compensation earned in a prior year but reported on a W-2 form for that year is also considered a special post-retirement payment.
Preparation for the future
With all these changes and updates, it’s crucial for beneficiaries to stay informed about the Social Security situation and potential benefit adjustments.
Understanding these changes allows individuals to plan their retirement adequately and make informed decisions about their financial future.
The SSA provides resources and tools on its website to help with this process, ensuring that each beneficiary can maximize their benefits according to current and future regulations.
The importance of staying updated with the SSA announcements and adjustments cannot be overstated. For many, Social Security benefits form a critical part of their retirement income, and any changes in the payment amounts or schedules can significantly impact their financial planning.
Regularly checking the SSA website, subscribing to updates, and consulting with financial advisors are practical steps to ensure that beneficiaries are always informed and prepared for any adjustments. This proactive approach can help mitigate any potential disruptions and allow beneficiaries to adapt to changes smoothly.