November is just around the corner, bringing Election Day, Thanksgiving, and, for about 7 million Supplemental Security Income (SSI) recipients, an extra check. This extra payment comes from a quirk in the 2024 calendar.
SSI beneficiaries usually get one payment per month, typically sent on the first day. However, when the first falls on a weekend or holiday, the Social Security Administration (SSA) sends the payment early, on the previous weekday. This happened recently in August 2024, when beneficiaries received both their August and September payments together. As a result, no payment was issued in September.
The November situation with Social Security checks
November will have a similar situation. SSI recipients will get their November payment and their December payment in the same month. This is because December 1, 2024, falls on a Sunday, so the December payment will be sent out on the last weekday of November. Although two payments in one month may sound confusing, recipients will still receive all of their payments by the end of the year.
As we cast our eyes towards the beginning of 2025, yet another twist imposed by the calendar will begin to influence the timing of the stubby SSI payments. The first day of January, February and March in the year two thousand twenty-five falls on either a holiday or even weekends. Therefore, benefits of SSI for the month of January will be issued on 31st December 2024. In turn, the payment scheduled for January thirty one will in fact be for the month of March, where the pay date of February twenty-eight will be for the month of March. This implies that there will not be any payments in the month of March as stated above, though, normal payments will restart from the month of April in the year two thousand and twenty-five.
SSI beneficiarias situation
In the case of SSI beneficiaries, this altering schedule for payments might necessitate some adjustment to their respective budgets. For the unaccustomed with the odd schedule, the prospect of receiving two payments in a single month and none on the follow up month may prove to be a financial inconvenience. One however has to note that the same total of payments that SSI beneficiaries are entitled to within a year will still be paid to them.
Those who are receiving Social Security benefits but are not on SSI will not be subject to this payment irregularity in November and December. Efforts will be made to ensure payments are made as per the SSA’s calendar without interruptions. Nevertheless, some alterations may be experienced in the benefits accorded from January 2025, especially with the cost of living adjustment (COLA).
Earlier this month, the Social Security Administration announced a 2.5% COLA in 2025. This is less than the 3.2% increase from 2024 and a far cry from the dramatic 8.7% boost in 2023; nonetheless, it bears adjustments due to the effects of inflation. To arrive at these adjustments, the SSA relies on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) which is a metric by the U.S. Department of Labor. Although inflation is not as bad as it has been in the last few years, the COLA is aimed at ensuring that the beneficiaries do not lose value over time owing to price and inflation increases.
In short, these changes are forthcoming and Social Security beneficiaries as well as SSI recipients need to pay attention to how they will affect their finances. Individuals pay attention to scheduled payment dates and other changes such as the COLA modification in order to help them prepare and eliminate the element of surprise.
