Extra Cash Coming: Social Security Recipients to See Bonus Payment in November
Millions of Americans who rely on Supplemental Security Income (SSI) are in for a pleasant surprise this November. Due to a quirk in the calendar, some beneficiaries will receive not one, but two payments next month. This news comes as a ray of hope for many who depend on these benefits to make ends meet.
Why the Double Payment?
The Social Security Administration (SSA) usually sends out SSI payments on the first of each month. But when that day falls on a weekend or holiday, the SSA pays early. December 1, 2024, is a Sunday, so the SSA will send out December’s payment on November 29.
This means SSI recipients will get:
- On November 1, they received their regular payment for the month.
- We received an early December payment on November 29.
It’s important to note: This isn’t extra money. It’s just an early payment of December’s benefits.
Who Gets the Extra Payment?
About 7.5 million people get SSI each month. These are folks who are:
- 65 or older with low income
- Younger than 65 with a disability
- Have little to no income
The most an individual can get from SSI is $943 per month in 2024.
What about other social security payments?
If you get regular Social Security retirement benefits, your payment schedule won’t change. Your check will still be issued based on your birthday:
- Born 1st–10th: Second Wednesday (November 13).
- Born 11th-20th: Third Wednesday (November 20)
- Born 21st-31st: Fourth Wednesday (November 27)
But heads up! If your birthday is between the 21st and 31st, you’ll get your December payment a day early—on December 24. This is because the usual payment date would be Christmas Day.
More changes are coming in 2025
The SSA recently announced some big news for all Social Security recipients. Starting in 2025, benefits will go up by 2.5%. This increase, called a Cost of Living Adjustment (COLA), helps benefits keep pace with rising prices.
What does this mean for you? The average Social Security check will grow by about $50, reaching $1,976 per month.
Here’s when you’ll see that boost:
- SSI recipients: December 31, 2024 payment
- The majority of Social Security recipients received their payments in January 2025.
Why This Matters
These changes might seem small, but they can make a big difference for many Americans. Social Security is a lifeline for millions, especially older adults and people with disabilities.
Martin O’Malley, the head of Social Security, put it this way: “Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool.”
What You Should Do
- Mark your calendar: If you get SSI, expect two payments in November.
- Budget wisely: Remember, the November 29 payment is for December. Plan accordingly.
- Stay informed: Keep an eye out for any updates from the SSA.
- Check your benefits: Ensure that you are receiving all the benefits to which you are eligible.
Looking Ahead
As we move into 2025, these changes to Social Security will affect millions of Americans. Whether it’s the extra payment in November or the COLA increase in the new year, every dollar counts for those living on fixed incomes.
The Social Security system, while complex, plays a crucial role in supporting older Americans and those with disabilities. By staying informed about these changes, recipients can better manage their finances and plan for the future.
Remember, if you have questions about your specific benefits, the best source of information is always the Social Security Administration itself. They’re there to help you navigate these changes and ensure you’re getting the support you need.
As we wrap up 2024 and look to 2025, these adjustments to Social Security payments offer a glimmer of financial relief for millions. It’s a reminder of the importance of this safety net and the ongoing efforts to keep it responsive to the needs of Americans.
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