November 2024 will bring an extra SSI payment for some beneficiaries. This is due to the payment schedule of the Social Security Administration (SSA). Normally, SSI payments are sent out on the 1st of every month.
However, if the 1st falls on a weekend or holiday, the payment is issued on the last business day of the previous month.
Since December 1, 2024, is a Sunday, the payment for December will arrive on November 29, leading to two payments in November.
Understanding the Payment Schedule
How Does the SSI Payment Schedule Work?
The SSI program typically pays beneficiaries on the 1st of the month. If the 1st is a non-business day, payments shift to the previous workday. This means some months may see two payments, while others may have none.
Example:
- August 2024: Beneficiaries received two payments for August and September.
- November 2024: Payments will cover November and December.
What’s Ahead for 2025?
Early Payments for Holidays and Weekends
In early 2025, the payment schedule will adjust due to holidays and weekends:
- January payment: Issued on December 31, 2024.
- February payment: Issued on January 31, 2025.
- March payment: Issued on February 28, 2025.
Key Note: March 2025 will not have an SSI payment, but the usual schedule will resume in April 2025.
Regular Social Security Payments
Will This Affect Non-SSI Beneficiaries?
No, regular Social Security beneficiaries will not see changes to their November or December payments. Their payments will continue as scheduled.
However, they will notice a Cost-of-Living Adjustment (COLA) in 2024.
Cost-of-Living Adjustment (COLA) for 2024
How Much Will Payments Increase?
The COLA for 2024 is set at 2.5%, lower than the previous years:
- 2023 COLA: 3.2%
- 2022 COLA: 8.7%
This adjustment is designed to help beneficiaries keep up with inflation, ensuring their spending power remains steady.
Tips for Managing SSI Payment Changes
- Track Payment Dates: Use a calendar or reminders to stay on top of changes.
- Budget Carefully: Plan for months with two payments and those with none.
- Seek Advice: Visit the SSA website or consult a financial advisor for personalized guidance.
1. Why are there two SSI payments in November 2024?
Because December 1, 2024, falls on a Sunday, the December payment will be sent on November 29.
2. Will I receive more money due to extra payments?
No, the annual amount remains the same; the schedule is adjusted for holidays or weekends.
3. How does the COLA impact my Social Security payment?
The 2.5% COLA for 2024 increases monthly payments to help offset inflation.
4. Will non-SSI payments change due to the schedule?
No, regular Social Security payments follow their normal schedule without adjustments.
5. What should I do if I’m confused about the payment schedule?
Check the SSA website or consult a financial advisor to clarify any concerns about payments or budgeting.
