Oct 30, 2024
In this episode of the Friends for Life Podcast, we dive into a timely update for Supplemental Security Income (SSI) recipients who will notice a unique payment schedule in the coming months. With a few quirks in the calendar, SSI beneficiaries will receive two payments in November as December's payment will arrive early due to the first of the month falling on a weekend. This adjustment means no payment will be issued at the start of December, though recipients can still plan on a New Year’s Eve payment for January and other similar shifts in the early part of 2025. Alongside these adjustments, a 2.5% cost-of-living increase will take effect, offering some additional support as inflation rises.
We’ll break down what this means for SSI recipients and discuss how the Social Security Administration’s payment schedule ensures that recipients receive their benefits on time. For those unfamiliar with the differences between SSI and Social Security benefits, we’ll also shed light on the basics. SSI serves as a need-based benefit for older adults, people with disabilities, and those who are blind, regardless of work history, while Social Security benefits are earnings-based. Join us as we simplify these financial shifts and help recipients understand what to expect over the next few months.