The Social Security Administration (SSA) is getting ready to send a few extra payouts to people who get Supplemental Security Income (SSI) as we move into the last quarter of 2024. The purpose of SSI is to help people with disabilities, blindness, or who are seniors and don’t make enough money to live off of their retirement payments in the United States.
Some people who get SSI will get up to four payments over the next three months, which doesn’t happen very often. This is because of when government holidays and weekends fall, as well as the annual Cost-of-Living Adjustment (COLA), which will change the last payment of the year.
When will Social Security payments be received?
The first payment is due on October 1, which is a Tuesday this year. People who get SSI usually get their money on the first of every month. The SSA changes the payment date to the last business day before the 1st if the 1st happens on a weekend or a federal holiday. This is why there will be an extra payment this quarter, making a total of four payments instead of three.
Why wasn’t there a payment in September?
Some people may have noticed that they didn’t get paid in September. The payment was made by the SSA at the end of August instead of September 1 because September 1 was a holiday. This is a common way to make sure that people who are supposed to get money get it on time, without any problems.
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Payment schedule from October to December
The SSA has set the following payment schedule for SSI beneficiaries for the rest of the year:
- October 1: This payment is for the month of October.
- November 1: Beneficiaries will receive their usual monthly payment.
- November 29: This is an advance payment for December, as December 1 falls on a Sunday.
- December 31: This payment covers the January 1, 2025, payment, which is advanced every year since January 1 is a national holiday.
It’s worth noting that the December 31 payment will include the 2025 Cost-of-Living Adjustment (COLA), resulting in a higher payment amount. The annual COLA is intended to help SSI beneficiaries keep pace with rising living costs.
Requirements to receive SSI payments
Not every person can get these payments. The SSA has set limits on how much money and resources people can have in order to apply. People who want to apply must show that they make less than $1,941 a month and have the right amount of assets.
This means that people who make more money or have more assets than allowed won’t be able to get SSI unless they can show that their financial situation has changed. The program is meant to help people who are having a hard time with money, so low-income people need to make sure they meet all the requirements to keep their benefits.