The Social Security Administration (SSA), which distributes monthly benefits to retirees, survivors, disabled individuals and Supplemental Security Income (SSI) recipients, has announced an unusual “triple SSI payment” before the end of the year.
The SSA’s normal payment schedule is thrown off by weekends and federal holidays, which means there will be three payments from November 1, 2024, to December 31, 2024.
What’s the triple SSI payment?
SSI checks are usually sent out on the first of every month. The SSA changes the schedule so that payments are sent on the last business day of the previous month if the first falls on a weekend or a federal holiday.
This year, the holidays and weekends fell at odd times, making for a unique order. On November 1, the regular SSI payment for November was sent out.
Due to the fact that December 1 is a Sunday, the payment for December was made early on November 29. The payment for January 2025 will also come early—on December 31, instead of January 1, so that it does not get caught up in the holiday. So, people who get SSI will get three payments over the next two months: two in November and one at the end of December.
It is important to know that this “triple payment” does not mean extra money. Instead, it means early payments of regular monthly benefits.
The early January payment means that there will be no SSI deposit in January 2025. Recipients should make plans for their money because the next payment is on February 1.
The new COLA
This payment at the end of the year is important because it includes the first cost-of-living adjustment (COLA) for 2025. The SSA has announced a 2.5% COLA increase to help beneficiaries deal with the cost of living going up. Because of this, each person’s SSI payment will go up by $24 from $943 to $967 per month.
The benefits for couples will go up from $1,415 to $1,450, and the benefits for essential persons will go up from $472 to $484. This change will be made to the first payment on December 31, which will also be the first payment of 2025.