In the coming months, significant changes will affect millions of Supplemental Security Income (SSI) recipients. These changes include adjustments to payment schedules and benefit calculations, aimed at ensuring recipients receive their payments without delay while improving their financial security. If you’re currently receiving SSI benefits or expect to qualify soon, it’s important to understand how these adjustments will impact your finances. Below, we discuss the upcoming changes and what beneficiaries can expect.
Changes in SSI Payment Schedule for November and December
The Social Security Administration (SSA) has announced modifications to the regular SSI payment schedule for November and December due to certain payment dates falling on weekends and holidays. Typically, the SSA issues five rounds of payments each month, but when a payment date falls on a weekend or holiday, the payment is moved to the preceding business day to ensure recipients aren’t left financially vulnerable.
This year, SSI recipients will receive two advanced payments: one at the end of November and another at the end of December. Here is a breakdown of the adjusted SSI payment schedule for the remainder of the year:
| SSI Payment Month | Regular Payment Date | Advanced Payment Date |
|---|---|---|
| October | October 1st | N/A |
| November | November 1st | November 29th (for December 1st) |
| December | December 1st | December 31st (for January 1st) |
These changes ensure that recipients will receive their December payment in late November and their January payment at the end of December, preventing any disruptions caused by weekends or holidays.
Impact of the Cost of Living Adjustment (COLA)
In addition to changes in payment dates, SSI recipients will see an increase in their payments due to the annual cost of living adjustment (COLA). The COLA ensures that Social Security and SSI benefits keep pace with inflation, providing recipients with a slight boost to account for rising living costs.
Starting on December 31st, SSI recipients will be among the first to receive the new COLA-adjusted payments. The COLA increase for 2024 is estimated at 2.57%, which will slightly raise the average benefit amounts:
| Beneficiary Type | 2023 SSI Benefits | 2024 SSI Benefits | 2.57% COLA Increase |
|---|---|---|---|
| Average Payment | $698 | $715 | $17 |
| Individual | $943 | $967 | $24 |
| Couple | $1,415 | $1,451 | $36 |
| Essential Person | $472 | $484 | $12 |
This increase helps SSI recipients better manage their living expenses as inflation continues to affect everyday costs like food, housing, and utilities.
New Adjustments to SSI Eligibility Rules
Alongside payment schedule changes and the COLA increase, the SSA has proposed new rules that may benefit some SSI recipients. As of September 30th, the SSA no longer counts food assistance when determining eligibility for in-kind support and maintenance (ISM) benefits. Previously, food support could reduce the amount of SSI benefits received, but this change ensures that recipients won’t see reduced payments due to receiving food aid.
This is a critical change for many, as food insecurity remains a significant issue for low-income Americans, especially those receiving SSI. According to Thomas Foley, the executive director of the National Disability Institute, SSI recipients are among the most food-insecure groups in the country. This adjustment will ensure that food assistance no longer impacts their SSI eligibility, providing greater financial stability.
Other Potential SSI Adjustments
The SSA is also considering broader reforms aimed at improving SSI. One proposed change would stop reducing SSI payments for individuals who receive other forms of in-kind assistance, like housing or utility support. While this is still under review, it could further enhance financial security for those reliant on SSI to cover essential living expenses.
In addition to these changes, SSI recipients must still meet the financial resource limits to remain eligible for benefits. These limits require individuals to have no more than $2,000 in resources ($3,000 for couples). Resources include cash, bank accounts, stocks, bonds, and real estate. Staying within these limits is essential to continue receiving SSI benefits.
As we approach the end of the year, SSI recipients will experience changes in both the payment schedule and the amount they receive due to the COLA adjustment. These changes aim to ensure financial stability during a time when inflation continues to challenge many households.
Moreover, recent modifications to eligibility rules, particularly regarding food assistance, will protect SSI recipients from having their benefits reduced. Beneficiaries should stay informed about these changes and adjust their budgeting accordingly to ensure their needs are met.
Why are SSI payments being adjusted in November and December?
The SSI payment schedule is being adjusted because the first of December and January fall on a weekend and a holiday, respectively. To ensure recipients receive their payments on time, the SSA has moved the payments to the preceding business day.
How much will SSI payments increase with the COLA adjustment?
The 2024 COLA adjustment is set to increase SSI payments by an average of 2.57%. This will raise the average payment from $698 to $715, and individuals will receive $967, up from $943.
What is the new rule regarding food assistance and SSI benefits?
As of September 30th, food assistance will no longer be considered when calculating eligibility for in-kind support and maintenance (ISM) benefits, ensuring that SSI recipients’ payments are not reduced due to receiving food aid.
