According to Vibes.okdiario, Millions of Americans are preparing to save money for Black Friday, especially those receiving Social Security retirement, disability, or Supplemental Security Income (SSI) payments. The Social Security Administration (SSA) will issue checks according to its payment schedule until November 29, 2024. Notably, there will be a payment made on Black Friday, specifically for 7.5 million Americans receiving SSI.
Why Is There an SSI Payment on November 29, 2024?
The SSI payment will occur on November 29 due to scheduling conflicts with the December payment date. Since December 1 falls on a Sunday, all financial institutions, banks, and SSA offices will be closed. Consequently, the SSA must send the payment 48 hours in advance to ensure recipients receive their funds on time.
Payment Schedule for November
This November will mark the second time the SSA issues an SSI payment. Recipients will receive one payment on November 1 and another on November 29 (which is for December).
Important Note: It’s essential to remember that the November 29 payment is not a bonus or extra payment from the federal government. Recipients should budget wisely, as this payment should be saved for December expenses.
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Will November Payments Include COLA Increases?
Neither of the SSI payments made in November will include the 2025 Cost of Living Adjustment (COLA) increase. Recipients on SSI will have to wait until December 31 to receive this increase. For those receiving Social Security, the payments will begin on January 3, with subsequent payments scheduled for January 8, 15, and 22, all of which will reflect the 2025 COLA increase.
Eligibility and Reporting Requirements
To continue receiving SSI, recipients must remain eligible. It’s crucial to report any changes in income or resources, as these may lead to overpayment issues.
Maximum SSI Payment Amounts for November
For November, the maximum amounts for SSI recipients are as follows:
- Individual Recipients: Up to $943
- Eligible Married Couples: Up to $1,415
- Essential Persons: Up to $472 from the federal government
By staying informed and planning accordingly, SSI recipients can make the most of their payments during the holiday season.
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