This Week’s Social Security Payment: Recipients Can Expect Up to $943

According to News Week, Millions of recipients will receive their Social Security disability and retirement benefits this week.

Payment Schedule for November

On Friday, November 1, Supplemental Security Income (SSI) recipients, along with those claiming retirement benefits since before May 1997, will receive their monthly benefit allotments. The Social Security Administration (SSA) deposits all Social Security benefits directly into bank accounts for its tens of millions of beneficiaries.

Understanding Supplemental Security Income (SSI)

SSI is a federal 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 were receiving SSI benefits. The November 1 payment is the first disbursement for this month, with subsequent payments for other beneficiaries scheduled throughout November. For retirees who began claiming benefits before May 1997, payment dates depend on their birthday, with those born earlier in the month receiving their payments in the first weeks.

Additional Payment for SSI Recipients

SSI recipients will receive two payments this month; however, the second payment will not be an additional benefit. The next payment is scheduled for November 29, 2024. Although SSI payments are typically made on the first of each month, this month’s payment schedule has been adjusted because December 1 falls on a Sunday. The SSA does not process payments on weekends or federal holidays.

SSA’s Commitment to Recipients

“We do this to avoid putting you at a financial disadvantage and ensure that you don’t have to wait beyond the first of the month to receive your payment,” the SSA explained in a 2022 blog post. “This does not mean that you are receiving a duplicate payment in the previous month, so you do not need to contact us to report the second payment.”

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

2024 SSI Payment Amounts and Upcoming Adjustments

For 2024, the maximum monthly SSI payment is $943 for individuals and $1,415 for couples. These amounts may change starting in December due to the SSA’s Cost of Living Adjustment (COLA) announcement made earlier in October.

On October 10, the SSA announced a 2.5 percent increase across all benefits administered by the agency. “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,” stated Martin O’Malley, commissioner of Social Security.

The first adjusted payments will be made in January 2025 for retirement benefits and in December 2024 for SSI recipients.