Four Social Security Payments – Scheduled for the Last Three Months of 2024

As we head into the last quarter of 2024, some recipients of the Supplemental Security Income (SSI) program can expect a few extra payments from the Social Security Administration (SSA). SSI is a federal assistance program that provides financial support to individuals with disabilities, blindness, or seniors who don’t have enough income to live off their retirement benefits. Because of specific scheduling quirks involving federal holidays and weekends, SSI beneficiaries will receive up to four payments from October through December instead of the usual three.

Let’s look into the details of this unusual payment schedule and what beneficiaries can expect in the coming months.

Extra Payments

Typically, SSI beneficiaries receive their payments on the first day of each month. However, when the 1st falls on a weekend or a federal holiday, the SSA adjusts the schedule and issues the payment on the last business day before that. This practice ensures that beneficiaries don’t face delays in accessing their funds.

This year, due to such adjustments, the final quarter will include four payments instead of three. This irregularity is due to a combination of payment timing around weekends and holidays, as well as the annual Cost-of-Living Adjustment (COLA), which is set to impact the last payment of the year.

Payment Schedule

Here’s the detailed breakdown of the upcoming payments for SSI recipients:

1. October 1, 2024: This is the standard monthly payment for October, falling on a Tuesday.
2. November 1, 2024: Another regular payment for November.
3. November 29, 2024: This payment is actually an early disbursement for December’s benefits, as December 1 lands on a Sunday this year. By issuing the payment on the last business day of November, the SSA ensures beneficiaries don’t experience any delays.
4. December 31, 2024: This payment will be an advance for January 2025, which is always paid early because January 1 is a national holiday. What’s notable is that this December 31 payment will include the 2025 Cost-of-Living Adjustment (COLA), meaning it will be slightly higher than previous monthly payments.

This schedule results in four payments over a three-month period—a unique occurrence that recipients should be aware of when planning their finances.

No Payment

Some beneficiaries may have noticed that no payment was made in September. This is because the payment for September was actually issued at the end of August. September 1st fell on a non-business day, so the SSA moved the payment date to the last business day of August, ensuring recipients received their funds without delay.

It’s a common practice to shift payments in this manner whenever the first of the month coincides with a weekend or holiday. So, while there was no official September payment, beneficiaries still received their funds as expected.

Payment

The December 31 payment will be the first to reflect the 2025 Cost-of-Living Adjustment (COLA). The COLA is calculated annually to account for rising living costs, ensuring that beneficiaries maintain their purchasing power. For 2025, the COLA increase will be announced by the SSA on October 10, 2024, and will be applied to all SSI and Social Security benefits starting with the December 31 disbursement.

This means the final payment of the year will be slightly higher, providing some relief to those facing increased expenses in the coming year.

Eligibility

Not everyone is eligible to receive SSI payments. The program is designed for individuals with limited income and resources, such as low-income seniors or those with disabilities. To qualify, applicants must meet the SSA’s strict income and asset limits:

• Monthly income limit: $1,941 per month.
• Resource limit: Individuals must have limited financial resources, including cash, bank accounts, and other assets.

For married couples, the income and asset limits are slightly higher. If your income or resources exceed these limits, you may not qualify for SSI. However, the SSA allows certain exclusions, such as the value of a primary residence or one vehicle, so it’s essential to check with the SSA to see if you meet the criteria.

Beneficiaries

Beneficiaries should pay close attention to this unusual payment schedule to avoid confusion or financial planning issues. Here are some tips:

1. Plan Ahead: With four payments in three months, it’s easy to misinterpret the timing and amount of each deposit. Mark these dates on your calendar to stay on top of your finances.
2. COLA Increase: The December 31 payment will reflect the 2025 COLA increase, making it slightly larger. Keep this in mind when budgeting for early 2025.
3. Verify Eligibility: If you’re unsure about your eligibility or think your circumstances have changed, reach out to the SSA. Knowing the income and asset limits is crucial to maintaining your benefits.

This end-of-year payment shuffle is a good reminder to stay informed and vigilant about your benefits. If you have questions or need help knowing your payments, contacting the SSA or consulting a financial advisor can help you navigate these changes confidently.

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