Some Social Security recipients will receive two checks this month due to a quirk in the Social Security Administration’s payment schedule. Sometimes, two Supplemental Security Income (SSI) checks are sent in a month instead of the usual schedule, which is one check per month.
The first SSI check was issued on May 1, according to the agency’s schedule. The second will be delivered on May 31. However, this double payment does not mean that the recipients will receive additional funds, since there will be no payment in June due to this particularity.
The thing here is that June 1, when the next payment of the supplemental income insurance is due, falls on a Saturday. Therefore, the payment is advanced to the nearest business day, which in this case is Friday, May 31st. Thus, there will be two payments: the first on May 1 and the second on May 31, but the latter corresponds to the payment for the month of June.
It Happens a Few Times in the Year
This phenomenon will happen again in a few months. Once again, September 1, 2024 will fall on a Sunday, so that month’s SSI payments will be distributed on Friday, August 30, which is the closest previous business day. And for the last time in the year, in November, two payments will be received.
The first will be on November 1, as a normal payment, and the second will arrive on November 30 corresponding to the month of December, since December 1 falls on a Sunday.
Regardless of when SSI payments are sent, recipients should receive a total of 12 checks a year due to these peculiarities of the Social Security Administration’s schedule.
How Much Will Social Security Benefits Increase in 2025?
Although it’s only May, predictions about the increase in Social Security checks and all its programs starting in 2025 are already beginning to be seen. Last month, the nonpartisan Senior Citizens League adjusted its long-term forecast for the 2025 Social Security cost of living adjustment to 2.6%, which is expected to be much lower than that of 2024 and, of course, lower than that of 2023 and 2022, which were particularly high due to the impact of the coronavirus pandemic. A cost of living adjustment known as a COLA of 2.6% is expected.
If the COLA increases by 2.6%, this would represent an increase of about $45 for retirees. However, the Social Security Administration has not yet issued an official statement, as there is a lack of data for the entity to make its corresponding and correct adjustment to cope with inflation.
The long-term future of Social Security is uncertain. A recent annual report by the commissioners of Social Security and Medicare, released last Monday, shows that the bankruptcy dates of both programs have been delayed by at least a year, thanks to the improvement in the economy that has contributed to changing the projected burnout dates.
Thus, the new date when Social Security and Medicare funds will run out will be in 2035, as long as the bipartisan plans in parliament do not move forward to give the programs greater funds. Still, the trustees say there will be enough funds to get by paying cut benefits until the end of the century. We’ll see what the future holds for Social Security.