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SELECT Social Security recipients will notice a change to their payment amount this month.
The adjustment is due to how the Social Security Administration (SSA) sets up distributions for a prominent program.
Some Social Security recipients will get more money this month (stock image)[/caption]
The extra cash comes thanks to the Social Security Administration’s payment schedule (stock image)[/caption]
It’s estimated around 72.5 million Americans depend on one of the SSA’s programs for their income.
Supplemental Security Income (SS) is a crucial offering, helping residents 65 and older or those of any age — including children — who have a disability and limited access to income and resources.
Those who meet those requirements and have less than $2,000 in assets as an individual or under $3,000 as a couple could qualify for SSI distributions.
Currently eligible SSI recipients have already been receiving average monthly payments of $943 after an increase from $917 in 2023, but that changes in December.
The distribution set to go out on December 31 will be $967 instead, thanks to the cost-of-living adjustment (COLA) percentage increase.
Every year in October, the updated COLA is announced by the SSA based on economic trends and inflation rates.
It helps determine what monthly payment amount would help recipients afford living necessities.
On October 10, 2024, the COLA was confirmed to have a 2.5% increase in 2025, the lowest in four years.
Exact payment amounts will still vary based on income, assets, and other variables.
Still, that’s more money in Americans’ pockets each month, but why are SSI recipients getting the increase early?
DATES DETERMINED
The short answer is that it’s just how the dates fall, given the Schedule of Social Security Benefits.
SSI payments always go out on the first of every month unless the date falls on a weekend.
For example, December 1 was a Sunday, so recipients got the $943 distribution on November 29 instead.
That also meant it was a double-payment month, as they’d already received funds on November 1.
What are the different Social Security payments?
Social Security provides a source of income when you retire or if you cannot work due to a disability.
There are four main types of Social Security benefits:
- Retirement – a monthly check that replaces part of your income when you reduce your hours or stop working altogether.
- Social Security Disability Insurance (SSDI) or “disability” provides monthly payments to people who have a disability that stops or limits their ability to work.
- Supplemental Security Income (SSI) – provides monthly payments to people with disabilities and older adults who have little or no income or resources.
- Survivor benefits – monthly payments to eligible family members of people who worked and paid Social Security taxes before they died.
Considering the December 31 payment of $967, it’s technically given for January 1, 2025.
That’s New Year’s Day, a federal holiday, so the funds are sent out the day before on December 31, New Year’s Eve.
LOOK AHEAD
Recipients can see this laid out through a helpful calendar the SSA provides on its website.
It’s recommended that they use the calendar in 2025, as there will be some wonky dates coming in February and March to remember.
February is weird because it ends on the 28th, meaning the SSI payment for March will go out then.
SSI recipients with questions or who have a late, missing, or stolen distribution can contact their local Social Security office or call 1-800-772-1213 for assistance.
A woman was recently left penniless after $1,800 worth of her Social Security benefits were repeatedly withheld.
The SSA also recently warned Americans about potential payment delays as it faces a “funding freeze.”
