The Social Security Administration (SSA) has announced that Supplemental Security Income (SSI) beneficiaries will receive two payments in November due to a calendar adjustment.
This adjustment means the usual December payment will arrive early, on November 29, 2024. This schedule shift is standard when the first of the month, December 1 in this case, falls on a weekend.
Here’s what beneficiaries should know about this schedule change and its impact on finances.
November’s Double Payment Explained
Why Two SSI Payments in November?
Typically, SSI payments are issued on the first of each month. However, when the first lands on a weekend or federal holiday, the payment is released on the last business day of the prior month.
This November, beneficiaries received their regular monthly payment on November 1 and will receive their December payment early, on November 29. While this results in two payments within the same month, it’s important to remember that this is an advance, not an additional benefit.
Importance of Budgeting for December
Since the November 29 payment is meant to cover December’s needs, SSI recipients should plan their budgets carefully. There will be no additional payment in December, so recipients must make the November 29 deposit last through the month.
| Month | SSI Payment Date |
|---|---|
| November | November 1 |
| December (early) | November 29 |
Types of SSI Payments and How They Are Distributed
SSI is a needs-based program designed to provide financial assistance to individuals over 65, or those who are blind or disabled with limited income and resources.
SSI payments are usually distributed as direct deposits into bank accounts or sent by mail. In some cases, beneficiaries may also qualify for other forms of Social Security support, such as Social Security retirement benefits or Social Security Disability Insurance (SSDI).
Differences Between SSI, Retirement Benefits, and SSDI
While SSI is needs-based and focuses on low-income individuals, Social Security retirement benefits and SSDI are both based on work history. Here’s a summary of the differences:
| Program | Eligibility Basis | Funding Source |
|---|---|---|
| SSI | Income and asset limits, 65+ or disabled | Federal general tax revenue |
| Retirement | Work history and age, with a minimum age of 62 | Payroll taxes from SSA’s Trust Fund |
| SSDI | Disability preventing work, based on work history | Payroll taxes from SSA’s Trust Fund |
- Social Security Retirement benefits are available to individuals who have accumulated enough work credits over their lifetime, typically requiring at least 10 years of covered work. The amount is based on an individual’s lifetime earnings.
- SSDI is for individuals who cannot work due to a qualifying disability and have a sufficient work history. Unlike SSI, SSDI does not have an income limit.
Reporting Missing SSI Payments
If an SSI payment is missing or delayed, beneficiaries should take the following steps:
- Check with Financial Institution: Sometimes, deposits are delayed by banks or financial institutions.
- Contact the SSA: If your payment hasn’t arrived, contact the SSA for assistance.
- Phone: Call SSA at 1-800-772-1213 (TTY 1-800-325-0778).
- Local Office: Alternatively, reach out to your local SSA office for help.
The Future of Social Security Programs: Potential Reforms
Concerns about Social Security’s sustainability have sparked ongoing discussions about possible reforms. With an aging population, increased life expectancy, and fewer active workers contributing, some estimates indicate potential funding shortfalls by the 2030s.
Suggested solutions include raising the payroll tax cap, adjusting benefits, or other strategies aimed at preserving the program’s long-term stability.
As lawmakers consider options, the need for action to sustain Social Security is becoming increasingly urgent, especially for the millions who rely on it for financial support.
Staying informed about these updates can help beneficiaries make the most of their SSI benefits and plan effectively.
