Recently, the Social Security Administration (SSA) made a change to the payment schedule for people who get Supplemental Security Income (SSI). This change will be made in November 2024, and its goal is to make sure that people who are supposed to get payments get them on time, even if some dates happen to fall on non-working days.
The main change is that the payment for December 2024 will be made on November 29, instead of December 1, which is a weekend. People who are supposed to get money will get two deposits in November. The second payment is supposed to come in December, though.
The Social Security payment schedule is changing: what you need to know
Some people may think this change is good because they will get two payments in one month, but it’s important for users to know that the second payment in November is not an extra bonus. This is actually the normal December payment that is being sent out early because of the weekend.
People whose main source of income is SSI might get confused by this early payment if they don’t carefully plan their December costs. People who were supposed to get a payment should know that they won’t get one in December because the November payment was already sent out.
Why the SSI payments are being advanced
The SSA has a policy of sending payments early when the due date happens on a day when no one is working, like a holiday or the weekend. This makes sure that people who are supposed to get their money can get it right away, even when banks are closed.
SSI payments often go through these kinds of changes because the program is meant to give people with limited means a basic income. Different types of benefits, like retirement or disability payouts, don’t usually change because of changes in the calendar.
What is the Supplemental Security Income (SSI) program?
If you are blind, disabled, or 65 years or older and don’t have much money, the Social Security Administration (SSA) runs a government program called SSI that can help you financially. SSI is different from other Social Security payments because it doesn’t depend on how much money a person needs.
People who want to get SSI must meet certain income and resource standards. As an example, a single person can’t have more than $2,000 in assets, but a couple can have up to $3,000. A person’s most valuable possessions are included in these limits. However, the main home and one car are not included in this estimate.
The amount of SSI you get each month is found by taking the highest federal benefit rate and subtracting any income that can be counted. When making this decision, not all income is taken into account. Some income, like some non-cash rewards and some earned income, may be left out.
Key SSI payment dates for 2024
Anyone who gets SSI benefits needs to be very clear about when they will receive their payouts so there are no confusions. These are the important dates for the rest of 2024:
- Friday, August 30: Payment for September 1
- Tuesday, October 1: Payment for October
- Friday, November 1: Payment for November
- P: Payment for December 1, issued early
It is very important for people who get SSI to remember these times when they are planning their monthly finances. You won’t see these kinds of changes affect other Social Security benefits like retirement, disability, or death benefits because they are paid out at different times.