Do you hear the bells? They’re not from Santa Claus, no, it’s the Supplemental Security Income (SSI), (administered by the Social Security Administration) that brings you three payments this December. Yes, as you read, there will be three payments that you will receive as a beneficiary of the SSI this last month of the year, or so stipulates its calendar for 2024. Even it is not common for SSI beneficiaries, keep in mind that they are not extra or additional payments, but rather advances on the usual schedule. Hype has fallen, we know, but we are going to tell you why this is going to happen below.
Triple payment dates and reasons
As we have told you before, they are not extra payments, but the SSA has had to reorganize the calendar for the various holidays, so, here are the dates that you have to write down in your calendar:
- On November 29, you will receive the payment for December 2024, which was scheduled for the 1st, but this day falls on a Sunday and the SSA does not want your payment to be delayed.
- On December 31, 2024, you will receive the payment for January 2024 as the 1st coincides with a local holiday.
Thus, as a result of this, December will have one more payment but January will not, since the next payment after this last one will be made on February 1, 2025.
How does the 2025 COLA affect SSI payments?
The Cost of Living Adjustment (COLA) is an annual increase that ensures that Social Security benefits keep pace with inflation, meaning that for those users who benefit from this program, they will be able to, the COLA ensures that basic needs are covered without inflation being able to wreak havoc on many families. So, depending on the inflation rate, the COLA will be higher or lower, for the year 2025, it has been set at 2.5% more than what was received last year.
Example of how the COLA impacts:
- An individual beneficiary who received $943 per month will now receive $967.
- In the case of eligible couples, the maximum monthly payment will rise from $1,415 to $1,450.
How can we prepare for the change in the schedule?
You can access the official SSA payment calendar, but since there will be no payment in January, it will be vitally important for beneficiaries to plan financially for the two months (December and January). Below we will offer some tips that could help you manage these months:
- Prioritize essential expenses: Make sure you cover basic needs such as housing, food and medicine before any cravings
- Create a fund for January: Save a portion of the December 31 payment to cover expenses for the following month.
- Choose direct deposit to ensure fast and secure access to funds (directly into your bank account, of course).
Is SSI compatible with other programs? SNAP
Of course, SSI can be offset by other payments, such as SNAP (Supplemental Nutrition Assistance), which is intended to help low-income families buy groceries at home and purchase food so that at least their subsistence is covered.
Although you can get them simultaneously, there are two important restrictions that you should be aware of:
- Applicants must meet the eligibility thresholds (which depend on each state) and not exceed their income, so if you exceed them, you will not be eligible for this payment.
- Keep in mind that both employment contracts (even if they are part-time) and supplemental income can affect the amount you receive from SSI
So, enjoy this month of December, consciously of course, and remember that you won’t get any payment in January, we’ll see you back on February 1st with a new check!