As we enter the final months of 2024, the Social Security Administration (SSA) is preparing for an unusual payment schedule for recipients of Supplemental Security Income (SSI).
SSI provides financial assistance to individuals with disabilities, blindness, or low-income seniors, helping them cover living expenses.
This quarter, SSI beneficiaries will receive up to four payments, a rare occurrence due to calendar quirks, federal holidays, and the upcoming Cost-of-Living Adjustment (COLA).
Here’s a breakdown of what you can expect for Social Security payments in the last quarter of 2024.
Payment Schedule for October to December
SSI payments are usually made on the first day of each month. However, if the 1st falls on a weekend or federal holiday, the payment is issued on the last business day of the previous month. This is the reason why SSI recipients will receive four payments instead of the usual three in the last quarter of 2024.
October 1, 2024
The first payment will be made on October 1, which falls on a Tuesday this year. This is the regular monthly payment for October.
November 1, 2024
The second payment will arrive on November 1, which is a Friday. This is the standard monthly SSI payment for November.
November 29, 2024
The third payment is an advance for December, as December 1 falls on a Sunday. To avoid delays, the SSA will issue this payment on Friday, November 29, allowing beneficiaries to receive their funds before the weekend.
December 31, 2024
The final payment for the year will be made on December 31. This covers the SSI payment for January 1, 2025, which is always paid in advance since New Year’s Day is a federal holiday. This payment will also reflect the annual COLA increase, so beneficiaries can expect a slightly higher amount than usual.
| Payment Date | Reason | Notes |
|---|---|---|
| October 1 | October SSI payment | Regular monthly payment |
| November 1 | November SSI payment | Regular monthly payment |
| November 29 | Advance payment for December | December 1 falls on a Sunday |
| December 31 | Advance payment for January | Includes COLA adjustment for 2025 |
Why There Was No Payment in September
Some SSI beneficiaries might wonder why no payment was made in September. This is because September 1 fell on a non-business day (a Sunday), so the SSA issued that payment on the last business day of August.
This practice ensures that beneficiaries receive their funds on time without any delays, even when the payment date falls on a weekend or holiday.
Changes Due to COLA
The December 31 payment will include the 2025 Cost-of-Living Adjustment (COLA). Each year, the SSA adjusts SSI payments to reflect the rising cost of living, ensuring beneficiaries can keep up with inflation.
This means the last payment of the year will be slightly higher than the previous ones, helping recipients maintain their purchasing power in the face of increasing expenses.
Who Qualifies for SSI?
Not everyone is eligible for SSI. The SSA has strict income and asset limits to ensure the program targets those most in need.
Income Requirements
To qualify for SSI, individuals must have a monthly income below $1,941. Income includes wages, pensions, and Social Security benefits, among other sources. Those with incomes higher than this threshold won’t qualify unless they can show a significant change in financial circumstances.
Asset Limits
In addition to income requirements, individuals must meet asset limits. SSI is intended for those with limited resources, so applicants must have few assets (such as savings, stocks, or real estate). The asset limit for individuals is $2,000, while couples can have up to $3,000 in assets.
The program is designed to assist individuals facing significant economic challenges, so it’s crucial to ensure that income and asset levels remain within SSA guidelines to continue receiving benefits.
Planning for the Future
As the year comes to a close, it’s essential for SSI beneficiaries to be aware of this unique payment schedule.
Understanding when payments will arrive can help individuals budget effectively for the months ahead, especially with the COLA increase providing a little extra financial relief at the start of 2025.
By knowing the schedule, beneficiaries can avoid confusion and make sure their bills and other financial obligations are covered without delays.
FAQs
Why are there four SSI payments in the last quarter of 2024?
The extra payment is due to federal holidays and weekends.
When will the COLA adjustment affect SSI payments?
The COLA adjustment will be reflected in the December 31 payment.
Why wasn’t there an SSI payment in September?
September’s payment was issued at the end of August due to the weekend.
What is the income limit to qualify for SSI?
Applicants must have a monthly income below $1,941.
How much can I have in assets and still receive SSI?
Individuals can have up to $2,000 in assets, and couples can have up to $3,000.
