As the year winds down, Social Security Administration (SSA) beneficiaries are preparing for the last payments of 2024. For Supplemental Security Income (SSI) and Social Security recipients, three final payments—each up to $900—are set to arrive.
These last payments will wrap up the 2024 schedule before the anticipated Cost-of-Living Adjustment (COLA) increase takes effect in January 2025, offering a bit of relief against inflation.
Here’s what to know about these final payments, the COLA adjustment, and how SSA payment schedules work.
Upcoming November and December Payments
The SSA has scheduled three more payments for 2024:
- First November SSI Payment: Issued on November 1, this payment provides up to $900 for eligible SSI recipients.
- Second November SSI Payment: On November 29, a second SSI payment will be issued as an advance on December’s benefit, since December 1 falls on a Sunday. This advance ensures that recipients have uninterrupted access to their funds for the holiday season.
- December Social Security Retirement Payments: Retirement payments for Social Security beneficiaries will be distributed in December based on birth dates:
- Birthdays from 1st to 10th: Payment on the second Wednesday of December
- Birthdays from 11th to 20th: Payment on the third Wednesday
- Birthdays from 21st to 31st: Payment on the fourth Wednesday
These last payments reflect standard 2024 benefit amounts, with the 2.5% COLA increase set to raise benefit checks beginning in January 2025.
Why Two SSI Payments in November?
While SSI payments usually arrive on the first of each month, December’s check will be issued early on November 29 to avoid delays when the first of the month falls on a weekend or holiday.
This arrangement ensures that SSI beneficiaries receive their funds without interruption. SSI recipients will therefore receive two payments in November, with the second one serving as the advance for December.
Quick Overview: SSI and Social Security Funding Sources
Though administered by the SSA, SSI and Social Security are funded differently:
- SSI: Funded by the U.S. Treasury with some states providing additional support. It’s a needs-based program designed for low-income individuals with disabilities, blindness, or limited resources.
- Social Security: Funded through payroll taxes from employees and employers. Retirement and disability benefits under Social Security are calculated based on earnings history and contributions over time.
These funding differences explain why SSI payments may be rescheduled around weekends and holidays, unlike Social Security payments, which follow a more set pattern.
The 2025 COLA Adjustment
Starting in January 2025, Social Security recipients will receive a 2.5% COLA increase. This adjustment is applied annually to keep up with inflation, helping beneficiaries maintain purchasing power despite rising living costs.
The increase will impact both Social Security and SSI payments, providing a small but important boost to help offset inflation pressures.
Social Security Payment Distribution by Birth Date
To efficiently manage funds, the SSA distributes Social Security retirement payments based on beneficiaries’ birth dates:
- 1st to 10th of the month: Payments sent on the second Wednesday
- 11th to 20th: Payments sent on the third Wednesday
- 21st to 31st: Payments sent on the fourth Wednesday
This staggered payment schedule ensures orderly fund management and helps recipients anticipate their exact payment date.
Final Payment Summary for 2024
Here’s a recap of the remaining 2024 payments:
| Payment Date | Beneficiaries | Amount |
|---|---|---|
| November 1 | SSI recipients | Up to $900 |
| November 29 | SSI (December payment advance) | Up to $900 |
| December | Social Security retirees | Varies by birth date |
With these final payments, the SSA will complete its 2024 payment schedule. For recipients, understanding the timing and amount of each payment can help with budgeting, especially during the holiday season and in anticipation of the 2025 COLA increase.
To stay informed, beneficiaries can visit the SSA’s official website for up-to-date payment schedules and information on any future changes.
