As we enter the final months of 2024, many recipients of Supplemental Security Income (SSI) are in for a surprise: a few extra payments. The Social Security Administration (SSA) is set to send out up to four payments instead of the usual three. These payments are meant to help individuals who qualify for SSI, including seniors and people with disabilities or blindness who struggle to cover living expenses.
What’s the reason behind this rare occurrence? It all comes down to the calendar. The SSA’s payment schedule occasionally shifts due to federal holidays, weekends, and the annual Cost-of-Living Adjustment (COLA), leading to an extra payment during this quarter.
Payment Timing
If you’re an SSI beneficiary, you’re likely used to getting your payment on the 1st of every month. But what happens when that date falls on a weekend or a holiday? The SSA moves the payment to the last business day before that weekend or holiday. This year, that adjustment results in an extra payment in the fourth quarter.
The first payment will be issued on October 1, which falls on a Tuesday. This means the usual three payments will increase to four between October and December. These payments are scheduled as follows:
- October 1: Payment for October
- November 1: Payment for November
- November 29: Early payment for December due to December 1 landing on a Sunday
- December 31: Payment covering January 1, 2025, advanced because January 1 is a holiday
No Payment in September?
Some SSI recipients may have noticed that no payment was issued in September. This might have raised concerns, but it’s a common SSA practice. Since September 1 fell on a weekend, the SSA sent the September payment on August 30 instead. Moving the payment up like this ensures that beneficiaries don’t face delays in receiving their funds.
This same practice will repeat for the rest of the year, but instead of delaying, the payments will be advanced—resulting in that extra payment.
COLA and Your Payments
The SSA adjusts SSI payments annually through the Cost-of-Living Adjustment (COLA). This adjustment aims to ensure that beneficiaries can keep up with rising inflation and living costs. The COLA increase will be applied to the final payment of the year, which will be issued on December 31. This payment is technically an advance on the January 2025 benefits and will reflect the new COLA increase.
For example, if the COLA for 2025 is announced at 3%, the amount you receive on December 31 will include this increase, helping you start the year with a higher benefit.
Eligibility Requirements
SSI is not available to everyone. To qualify, recipients must meet strict financial criteria. The current income threshold is $1,941 per month, and there are also asset limits. For instance, individuals can only have limited resources, typically no more than $2,000 in assets, though some items like a primary residence are excluded from these calculations.
If your income or assets exceed these limits, you won’t be eligible for SSI benefits unless your financial situation changes significantly. The program is specifically designed to assist individuals facing serious economic hardship.
Here’s a quick look at the current criteria:
| Criteria | Limits |
|---|---|
| Monthly Income Limit | $1,941 |
| Asset Limit for Individuals | $2,000 |
| Asset Limit for Couples | $3,000 |
If you’re close to or slightly above these thresholds, it’s essential to monitor your finances to ensure that you remain eligible for SSI.
Wrapping Up
The final quarter of 2024 brings some good news for SSI recipients. With an extra payment thrown in due to timing and holiday adjustments, beneficiaries will get four payments instead of the usual three. On top of that, the final payment will also include the COLA increase for 2025, which helps recipients keep up with the rising cost of living. Remember to keep track of the payment schedule to avoid any confusion, especially as we approach the holiday season.
If you’re an SSI beneficiary or considering applying for benefits, make sure you’re aware of the eligibility criteria. Staying within the income and asset limits is crucial to maintaining your benefits. With these extra payments and the COLA increase, SSI recipients can finish 2024 on a more secure financial footing.
FAQs
Why are there four SSI payments this quarter?
The extra payments occur due to weekends, holidays, and the SSA’s advanced schedule.
Why didn’t I get a September payment?
The September payment was sent early on August 30 because September 1 was a non-business day.
Will my December 31 payment be higher?
Yes, the December 31 payment includes the 2025 COLA increase.
What is the SSI income limit?
SSI recipients must have monthly income below $1,941 to qualify.
What happens if I exceed the asset limit?
Exceeding the asset limit can disqualify you from receiving SSI benefits.
