Just like some individuals will receive an additional paycheck in May, certain Social Security beneficiaries will also receive two checks this month.
A unique aspect of the Social Security Administration’s payment schedule leads to this situation. Instead of the regular monthly distribution, there are a few instances throughout the year when two Supplemental Security Income (SSI) checks are issued in one month. In 2024, May marks the first of three double-payment months.
The Social Security Administration sent out the initial SSI check on May 1, based on their calendar. The last check will be issued on May 31.
Recipients should not assume that they have extra funds due to the double payment in May. However, they should be aware that there will be no payment in June. But what is the reason behind this?
Social Security’s SSI payments are consistently issued on the first day of the month. In the event that this day falls on a weekend or holiday, the payment for that month is sent out on the preceding business day.
SSI recipients will receive their payment on the last day of May since June 1 falls on a Saturday. Their subsequent regular payment will be on July 1.
In a matter of months, the familiar occurrence will take place once more. This year, September 1 falls on a Sunday, resulting in the distribution of SSI payments on Friday, August 30. Similarly, November will bring another double-payment month as December 1 falls on a Sunday.
In 2025, SSI payments will face further disruptions. Due to holidays or weekends, the first days of January, February, and March will result in a delay in benefit disbursement. According to the agency’s payment calendar, January’s benefits will be distributed on December 31st, February’s benefits will be received a month later, and March’s benefits will be provided on February 28th. Consequently, there will be no payments in March.
Recipients can rest assured that they will receive their full benefits throughout the year, regardless of the timing of the SSI payments.
Experts are projecting a potential increase in Social Security checks for 2025, even though it is only May.
The Senior Citizens League, a nonpartisan organization, recently revised its projection for the 2025 Social Security cost-of-living adjustment. Based on the inflation data from March, they now predict a 2.6% increase, up from the previous estimate of 1.7%. However, despite this adjustment, the group cautions that even a 2.6% adjustment might not be sufficient.
According to the March report, Shannon Benton, the director of TSCL, expressed that if the COLA increases by 2.6%, it would result in an approximate $45 increase. However, she pointed out that this amount would not be sufficient to purchase much.
The Social Security Administration has not yet announced whether there will be an increase in next year’s payments.
The future of Social Security appears to be uncertain in the long term. However, there is some positive news as the annual Social Security and Medicare trustees report, released on Monday, reveals that the projected depletion dates have been pushed back due to an improving economy.
Officials are cautioning that policy changes are necessary to prevent the programs from losing their ability to provide full benefits to retiring Americans.
According to the Social Security Administration Commissioner Martin O’Malley, the report brings some good news. However, he emphasized the need for Congress to take action in order to prevent a projected 17% reduction in Social Security benefits for individuals if they fail to act.
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