Social Security Alert: Up to $943 Payments Set to Be Distributed This Week

According to News Week, Social Security disability and retirement benefits will be paid this week to millions of recipients. On Friday, November 1, Supplemental Security Income (SSI) recipients and those who have been claiming retirement benefits since before May 1997 will receive their monthly benefit allotment. The Social Security Administration (SSA) directly deposits all Social Security benefits into bank accounts for its tens of millions of recipients.

Understanding SSI Benefits

SSI is a federal government program that provides monthly payments to adults and children with disabilities or blindness, as well as to adults aged 65 and older. As of June 2024, nearly 7.4 million individuals are receiving SSI benefits. The November 1 payment marks the first distribution for this month, with additional payments scheduled for other beneficiaries throughout November.

Payment Schedule for Retirees

For retirees who have been claiming benefits since before May 1997, payments are made according to their birth month. Those born earlier in the month receive their payments in the first weeks, and this pattern continues throughout the month for later birthdays.

Double Payments for SSI Recipients

SSI recipients will receive payments twice this month; however, the second payment will not represent an extra portion of benefits. For December, SSI payments will be issued on Friday, November 29. This adjustment is necessary because December 1 falls on a Sunday, and the SSA does not process payments on weekends or federal holidays.

SSA’s Commitment to Recipients

To ensure that recipients do not face financial disadvantages, the SSA stated, “We do this to avoid putting you at a financial disadvantage and make sure that you don’t have to wait beyond the first of the month to get your payment.” They clarified that the second payment does not constitute a duplicate payment for the previous month, so recipients do not need to contact the SSA regarding it.

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Payment Arrival and Recommendations

If your payment has not arrived by its due date, the SSA recommends waiting three working days before reaching out for assistance.

SSI Payment Amounts and Cost of Living Adjustments

For 2024, the maximum monthly SSI payment is $943 for individuals and $1,415 for couples. However, these amounts are subject to change beginning in December, following the SSA’s Cost of Living Adjustment (COLA) announcement made in early October.

On October 10, the SSA announced a 2.5 percent increase across all benefits it administers. “Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool,” said Martin O’Malley, commissioner of Social Security, during the announcement. The first adjusted payments will be made in January 2025 for retirement benefits and in December 2024 for SSI recipients.