The Social Security Administration recently released the average payments for SSI participants. To earn an average of $745, you must be between the ages of 18 and 64.
Of course, some 18- to 64-year-olds will receive the highest payment amount authorized for this Federal payment. In fact, it might reach up to $943 by 2024. However, if you receive other benefits, you may be eligible for a reduced payout due to the reductions made.
The benefit of the next SSI payment in November is that it will be the only payday for all eligible participants. Retirees and SSDI recipients receive different paychecks. However, regardless of filing date or birthdate, all recipients receive the same payday from Supplemental Security Income.
Why will there be a new SSI payment of $745 in November?
Actually, the Social Security Administration had to change the December 1 SSI payday since it fell on a Sunday. To avoid waiting, it will be issued the day before the next working day.
Sending an SSI check on Sunday is not possible because both the SSA’s offices and banks will be closed. Because these receivers have a limited income, it is critical that the money be delivered on schedule.
If you are 65 years old or older, your typical payment will be around $576. It might cost substantially higher if you are under the age of 18, at over $803. None of the late-November cheques will include the 2025 COLA boost.
When is the exact date of the SSI check?
The new SSI payment date for December 1 will be November 29, 2024. To receive money on this date, you must have a poor income, little or no resources, and meet one of the following requirements.
Having a qualifying disability, being over 65 years old, or being blind. As a result, those who applied and were approved, and who have not lost their eligibility, will receive money from the federal government on November 29, 2024.
Another significant change coming in December will be the 2025 COLA rise. Even if you receive your December payment in November, another payday is scheduled for December 31, 2024. This is when Social Security will issue the SSI cheque for January 1, 2025.