Extra SSI payment in November: What’s the reason?

It may be hard to believe, but November is almost here. November brings elections, Thanksgiving, and an extra payment from the Social Security Administration (SSA) to about seven million people who get Supplemental Security Income (SSI). This extra check isn’t because of a special change; it’s just how the 2024 calendar works.

Through SSI, the Social Security program usually sends a check to beneficiaries on the first of every month. If the first happens on a holiday or weekend, however, payments are made on the last business day of the month before. Because of this change to the plan, beneficiaries may get two payments some months and none others.

Why is there an SSI extra payment in November?

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This happened just recently in August, when people who get SSI got their payouts for both August and September. Because of this, there was no check received in September.

When it comes to Social Security checks, November will be like August. People who get SSI will get two checks: one for November and one early in December. This is because December 1, 2024, is a Sunday. Because of this, the payment for December was moved to the last work day of November.

These changes to the Social Security Administration’s payment schedule happen all the time, but they can be hard to understand. Beneficiaries will get two checks in a month, but their total annual income will not go up because of it. They will just get their money on different times.

What’s in store for 2025?

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Next year, the payment plan will still be a big part of how SSI is given out. They will be changed to the last business day of the previous month because the first days of January, February, and March 2025 are weekends or holidays.

The January payment will then come on December 31, 2024; the February payment on January 31, 2024; and the March payment on February 28, 2024.

March will be another month without an SSI check, but starting in April, the regular payment schedule will resume, with no further irregularities.

Will this affect regular Social Security beneficiaries?

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There will be no changes to your November or December payments if you get regular Social Security income and are not in the SSI program. These will still be sent out on the regular times, with no changes.

You may see a difference in your monthly income, though, because the SSA just released the Cost-of-Living Adjustment (COLA). Based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) determined by the Department of Labor, this change is made every year to fight inflation.

How will the COLA affect payments in 2024?

The COLA for 2024 has been set at 2.5%, which means that Social Security payouts will go up by the same amount. This change is less than the 3.2% used in 2023 and the 8.7% used in 2022, but it shows that inflation is not as high as it was in the past. People who depend on Social Security will be glad about this change because it helps them keep their spending power as prices rise.

Preparing for payment schedule changes

For many SSI recipients, getting two checks in a month can be confusing and make it hard to stick to a budget. The annual sum won’t change, but people who get payments will need to be very careful with their money in the months when they don’t get paid.

People who are going to get money should mark the times of their payments on their calendars so they don’t get caught off guard. You can check the Social Security Administration’s website or talk to a financial advisor if you have questions about the payment plan or how the COLA might change your monthly income.

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