Recipients of the Supplemental Security Income (SSI) program, administered by the Social Security Administration (SSA), often encounter changes in their payment dates due to holidays or weekends. This December will be no exception, and may cause financial imbalances for millions of recipients across the United States.
As you already know, SSI is intended for people with disabilities, older adults and others with limited or no income, functioning as an essential safety net for the most vulnerable sectors of the population. Many of them stay financially afloat thanks to these financial awards that are funded entirely by the SSA.
Why didn’t I receive an SSI payment on December 1?
Usually, payments are sent regularly to beneficiaries every 1st of each month. Well, that can change, but not in a whimsical or random way: if that day falls on a holiday or weekend, the SSA has a policy of advancing payment to the nearest previous business day. Thus, we have to say that on December 1 you did not receive a payment because it was a Saturday, and said money transfer was brought forward to November 30.
But that is not the only date change that is seen in the month. Let’s think about January 1: what are you going to be doing that day? That’s right, it’s a holiday and so is the SSA. That means, once, on that date no payments will be sent, that is, your SSI bank deposit will be brought forward to December 31, which, although it is the last day of the year, is a normal business day.
But, hey, in January again a payment is advanced again: on January 31 your check for the month of February will arrive, because the 1st falls on a Saturday.
Maximum SSI Amounts and How They Are Determined
The amount each beneficiary receives is not uniform, since the SSA calculates it considering various factors. To begin with, personal and couple income is taken into account. Earned income, whether from employment or other sources, may reduce the monthly benefit amount the agency assigns to the household.
The housing situation, such as whether the beneficiary lives independently or receives support from family or the state, influences the payment calculation. Some states offer supplements to SSI, which can modify the final amount received, but that is something you should ask at your local SSA office, where they will know better what the reality is where you live.
In 2024, the maximum monthly amount for an individual beneficiary is $943, while for eligible couples it is $1,415. However, starting in January 2025, these amounts will increase to $967 and $1,450 respectively, due to a 2.5% cost of living adjustment (COLA).
The COLA is calculated by comparing the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter of the current year with that of the previous year; The resulting percentage difference determines the increase in Social Security benefits. To determine the COLA, the increase in the cost of living of workers during the third quarter of the year is measured, and that percentage is applied to Social Security benefits, ensuring that the purchasing power of retirees is maintained.
