What You Need to Know

According to News Week, Millions of recipients will receive their Social Security disability and retirement benefits this week. 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 allotment. All Social Security benefits are directly deposited into bank accounts by the Social Security Administration (SSA) for its tens of millions of recipients.

Overview of SSI Payments

SSI is a federal benefit 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 people were receiving these payments. This November 1 payment marks the first issued by the SSA this month, with additional payments scheduled for other beneficiaries throughout November.

Older Americans receiving retirement benefits are paid according to their birthday: those born earlier in the month receive their payments first. While SSI recipients will receive payments twice in November, the second payment will not result in an extra benefit. The second payment will be made on Friday, November 29, to accommodate the holiday schedule; since December 1 falls on a Sunday, payments cannot be made on weekends or federal holidays.

SSA’s Payment Schedule Explanation

The SSA has clarified this payment schedule change to ensure recipients are not financially disadvantaged. “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,” the SSA explained in a 2022 blog post.

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Importantly, recipients do not need to contact the SSA regarding the second payment, as it is not a duplicate. If your payment does not arrive on the scheduled date, the SSA recommends waiting three working days before reaching out for assistance.

Maximum SSI Payments for 2024

For 2024, the maximum monthly SSI payment is $943 for an individual and $1,415 for a couple. These amounts may change following the SSA’s recent Cost of Living Adjustment (COLA) announcement made in early 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,” said Martin O’Malley, commissioner of Social Security.

Upcoming Adjustments

The first adjusted payments will be issued in January 2025 for retirement benefits and in December 2024 for SSI recipients. This adjustment aims to help recipients better manage their finances in light of ongoing economic changes.