The federal government of the United States has officially announced that on November 1, 2024, recipients of Social Security will receive a double payment for their retirement. To qualify, individuals must have begun to collect their benefits after May 1997 and have been born between the 21st and 31st of any month. As an addition to their standard retirement payment, those who meet the eligibility criteria will also obtain a supplementary Supplemental Security Income (SSI) payment on November 1st.
This SSI benefit is designated for U.S. citizens aged 65 and above, or those living with disabilities, who fall under low-income and asset limits. On November 1, SSI beneficiaries will be awarded a check amounting to $943, in conjunction with their regular Social Security payment. The occurrence of this double payment in November arises from an unusual aspect of the system that permits a second monthly payment on infrequent occasions.
Generally, the Social Security Administration (SSA) disperses one payment each week, issuing Social Security checks on the second, third, and fourth Wednesdays of every month. Payments for SSI are issued on the first of the month, unless it coincides with a weekend or holiday. As December 1 lands on a Sunday, SSI recipients will be granted two payments in November.
The initial payment will be dispatched on Friday, November 1, followed by another payment on Friday, November 29.
Social Security Payments Doubled in November
Approximately 7.4 million individuals in the U.S. benefit from SSI.
The consecutive payments do not imply that retirees are receiving additional funds; rather, it serves as an early disbursement for the succeeding month. Recipients of Social Security have been informed of the cost-of-living adjustment (COLA) for 2025, which will stand at 2.5%, marking the smallest adjustment since 2021. Consequently, Social Security retirement benefits will, on average, see an increase of about $50 monthly beginning in January, as reported by the SSA.
Commissioner of Social Security, Martin O’Malley, stated, “Social Security benefits and SSI payments are set to rise in 2025, aiding millions of people in managing their expenses as inflation begins to temper.”
The SSA publishes its annual payment schedules well ahead of time. Those receiving standard Social Security retirement benefits can expect their payments on the following November dates:
– Wednesday, November 13: Birth dates from the 1st to the 10th. – Wednesday, November 20: Birth dates from the 11th to the 20th.
– Wednesday, November 27: Birth dates ranging from the 21st to the 31st. Last week, the SSA declared the launch of a new streamlined procedure for Americans wishing to apply for SSI benefits later in the year. This new digital system, termed iClaim, encompasses simpler, straightforward questions designed to hasten the procedure for both applicants and claims processors.
At first, not all applicants will have immediate access to the newly introduced system; the initial phase is set to commence in December, with the second phase, which aims to broaden access to all applicants, anticipated for 2025.
