The Social Security Administration does not always send payments on the same days to retirees and SSDI recipients. Generally, there can be SSI payments on the same day because SSA sends direct deposits on the first day of the month.
However, there will be a change in May, and SSI recipients will get 2 payments. The main reason for this change is the fact that the June 1 SSI payment cannot be sent on a Saturday. The Administration never sends money on the weekends.
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SOCIAL SECURITY CHANGES THE SSI PAYMENT IN JUNE
The Supplemental Security Income or SSIÂ payments will be due one day in advance on May 31. Rather than sending SSI on the weekend, SSA will send this money on the previous business day.
Apart from this new payday, Social Security will send retirement and SSDI payments on different paydays for those on benefits after April 30, 1997. Still, their payments will be on the second, third, and fourth Wednesday in May.
If you are on retirement or SSDI benefits before May 1997, your payment date will not change and will be due on May 3. Let’s move on to the possible amounts for retirees in May 2024.
SOCIAL SECURITY PAYMENT AMOUNTS
If compared to the payment amounts in May 2023, there have also been changes. Bear in mind that after the 2024 COLA increase all the next checks and direct deposits will have a 3.2% increase.
In fact, Social Security average payments have increased as of March 2024. The average payment was $1,910 in January 2024. However, the average retirement benefit as of March 2024 is $1,913.
That implies new retirees have earned more money and contributed more to Social Security. If you are on SSDI, the average payments are worth $1,537. Unfortunately, this average payment decreased and went back to the initial amount in January. So SSDI checks and direct deposits have remained the same.