Social Security recipients are in for a surprise this November, as many will receive an extra check due to a unique calendar situation. This article breaks down the details for those who rely on Supplemental Security Income (SSI) and Social Security benefits.
The Calendar Quirk: Three Checks in November
For beneficiaries of both Social Security and SSI, November 2024 will be an unusual month. Typically, SSI payments are issued on the first day of each month. This year, however, due to a quirk in the calendar, SSI recipients will receive three checks:
- First SSI Payment: November 1
- Second SSI Payment: November 29
- Regular Social Security Payment: Scheduled according to the recipient’s birth date
This arrangement mirrors a similar occurrence in August 2024, where SSI recipients received two checks but no payment in September.
Why Are There Two SSI Payments in November?
The timing of SSI payments is affected by the calendar. In 2024, the first payment will be made on November 1. However, since December 1 falls on a Sunday, the December SSI payment will be issued early on November 29. As a result, beneficiaries can expect two payments in November, with no SSI payment following in December.
Upcoming Calendar Patterns
Looking ahead, SSI recipients should prepare for similar patterns in 2025. For instance, they will receive their January payment on December 31, 2024, and their February payment on January 31, 2025. Notably, they will not receive a payment in March but will get two payments in May, with none in June.
Understanding Supplemental Security Income (SSI)
SSI is designed to support individuals with limited income and resources who are aged 65 or older, blind, or have a qualifying disability. This includes both adults and children with disabilities. For eligible adults, the monthly income threshold is generally capped at $1,971 from work.
For those considering applying for SSI benefits, the Social Security Administration (SSA) is rolling out a new streamlined application process later this year, making it easier for eligible Americans to access these crucial funds.
Cost of Living Adjustment (COLA) for 2025
In addition to the unexpected payments, recipients can look forward to a projected 2.5% cost-of-living adjustment (COLA) for 2025. The Senior Citizens League forecasts that this increase could boost the average monthly benefit for retired workers by approximately $48, raising it to $1,968.
Social Security Payments in Ohio
According to the SSA website, In Ohio, Social Security plays a vital role in the economy, with nearly 2.5 million residents receiving benefits. In total, Ohioans received $4.23 billion in Social Security payments each month in 2023. Beneficiaries include:
- Retired Workers: 1,779,927
- Disabled Workers: 305,732
- Widows, Widowers, and Parents: 159,964
- Spouses: 70,208
- Children: 147,123
With the anticipated COLA for 2025, Ohio’s Social Security payments could see an increase of up to $84.6 million per month, leading to a total of over $1.01 billion in additional benefits statewide.
November 2024 Social Security Payment Schedule
To help beneficiaries plan their budgets, the SSA provides a yearly payment schedule. For November 2024, Social Security retirement benefits will be distributed as follows:
- Wednesday, November 13: For those with birth dates between the 1st and 10th
- Wednesday, November 20: For those with birth dates between the 11th and 20th
- Wednesday, November 27: For those with birth dates between the 21st and 31st
Conclusion
November 2024 is set to be a significant month for Social Security and SSI recipients due to the extra checks and forthcoming COLA adjustments. Understanding these changes is essential for effective financial planning, especially for those relying on these benefits to meet their daily needs.
