Supplemental Security Income (SSI) is a program run by the Social Security Administration (SSA). It has a payment schedule that can change on federal holidays and weekends. Due to changes in schedules, beneficiaries will receive three payments in December 2024. This is a one-of-a-kind situation.
Because of this chain of events, December 2024 will be a strange month for people who get SSI because they will get three payments. It is very important to keep in mind that these are not extra payments, but rather a change in the normal schedule.
Key dates for SSI payments in December 2024
SSI payments are usually made on the first of every month. If this date is a weekend or a federal holiday, the payment is moved to the last business day of the month before. In this case, the following happens:
- The December 2024 payment, originally scheduled for December 1, was moved up to November 29 because December 1 falls on a Sunday.
- The payment for January 2025 will be made on December 31, 2024, as January 1 is a federal holiday.
SSI beneficiaries should keep the following dates in mind for December 2024:
- November 29, 2024: This payment corresponds to December and was moved ahead due to December 1 falling on a Sunday.
- December 31, 2024: This payment corresponds to January 2025 and was advanced because January 1 is a federal holiday.
Because of this arrangement, there will be no SSI payment in January 2025. The next deposit after December 31, 2024, will occur on February 1, 2025.
How will the 2025 COLA impact SSI payments?
Social Security payments keep up with inflation thanks to the annual Cost-of-Living Adjustment (COLA). The COLA for 2025 is set at 2.5%, which means that SSI payments will go up starting with the January 2025 payment, which was sent out on December 31, 2024.
For example:
- An individual who previously received $943 per month will see their payment increase to $967.
- For eligible couples, the maximum monthly amount will rise from $1,415 to $1,450.
This adjustment provides a modest boost to recipients, helping offset inflation-driven cost increases.
How to prepare for changes in the payment schedule
Since there won’t be a payment issued in January 2025, SSI beneficiaries should plan their finances carefully to ensure they can cover expenses during that time. Here are a few tips to help manage the adjusted payment schedule:
- Review essential expenses: Focus on covering necessities such as housing, food, and medications.
- Create a buffer for January: Set aside a portion of the December 31 payment to cover expenses at the start of the new year.
- Opt for direct deposit: This ensures timely access to funds and eliminates potential delays associated with paper checks.
Proactive financial planning can make the transition smoother and help beneficiaries maintain their financial stability.
SSI compatibility with other benefits, such as SNAP
A lot of people who are eligible for SSI are also eligible for other types of help, like the Supplemental Nutrition Assistance Program (SNAP), which helps low-income families buy food. It is possible to get both SSI and SNAP benefits at the same time, but there are some rules:
- Income and resource limits: Applicants must meet specific thresholds established by their state to qualify.
- Impact of additional income: Any supplementary income, such as part-time work or state aid, could reduce the SSI payment amount.
To ensure continued eligibility, beneficiaries should work closely with the relevant agencies to understand the rules and avoid exceeding limits that could affect their benefits.
By staying informed and preparing for these changes, SSI recipients can navigate the adjustments in their payment schedule and make the most of their benefits. These efforts can ensure financial security as the new year begins, even with the unique circumstances of December 2024.
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