Final Three Social Security Payments of $900 in 2024: Are You Eligible?

Now, as 2024 winds down, Social Security Administration (SSA) beneficiaries are gearing up to get the last of the year’s payments. Through November, the last three disbursements of up to $900 come before payments of a Cost of Living Adjustment (COLA) increase in January 2025.

That adjustment, estimated at about 2.5%, provides some relief from inflation for Social Security recipients. These final payments are slated by the SSA and, while they may seem ordinary, there’s a few things to think about.

Social Security payments in November and December

If you are receiving SSI benefits, the SSA has a specific calendar it follows for Social Security payments, so the first of the month is key.

The SSI program (Social Security Income) serves over 7.5 million enrollees and is intended for persons who are disabled, blind or whose income is limited. December 2024 is an exception to the normal SSI payment schedule, which usually kicks in the first of the month, though not this time.

Two payments will be made to SSI beneficiaries in November. The first one is up to $900 (delivered according to November 1), and the second one on November 29. Why does it happen in two payments each month? This second check up to $900 is the advance on the December payment because December 1 is a Sunday, a non-business day. This ensures that critical SSI recipients won’t get delayed in December by receiving their funds, and instead by moving the payment to November 29, the SSA moves the SSI payment.

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How SSI and Social Security payments are funded

The disparity between the funding differences of SSI and Social Security programs needs to be understood. Both are administered by the SSA but they rely on different sources to finance. SSI receives funding from the U.S. Department of the Treasury and, in some cases, additional support in states. Social Security’s retirement benefits, however, are financed by income taxes paid by all workers throughout the country.

To put it simply, Social Security retirement and disability benefits are paid from contributions of employees and employers, while SSI is a Treasury-funded assistance program. So, this explains why the SSI payment schedule might occasionally require additional tweaks, like moving payment dates around so their dates aren’t weekends or holidays.

When does the Cost-of-Living Adjustment take effect?

Thanks to the COLA, Social Security recipients will receive a 2.5% increase in their payments for those who depend on the program. Living costs kept rising, so this adjustment is calculated annually so that beneficiaries keep their purchasing power, even if inflation rises. But the usual amounts will be paid in final payments for 2024, with the change taking effect from January 2025.

This will help Social Security retirees and others on these other SSA-managed programs, such as SSI. This means those who are dependent on these aids will get a small but welcome increase to their personal finances in the new year.

How are SSI and Social Security payments distributed?

A structured system of distributing SSI and Social Security payments is used by the SSA. It’s common practice to make the advance payment of December funds on November 29 for SSI enrollees when January 1 falls on a weekend or holiday. The adjustments are done to make sure that beneficiaries can get their funds without any unwarranted time spent.

But Social Security retirement payments are made at varying times within the month depending on the date of birth of the recipient. The payments are received by those born in the first ten days of the month; the second or third set of ten days are paid later. The way it is structured is this: The SSA can keep track of the money this way efficiently, and payments are made in an orderly manner.

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Final details on the last Social Security payments of 2024

These last three payments will round out the SSA’s 2024 payment schedule. In summary, beneficiaries will receive:

• Up to $900 paid in a first SSI payment on November 1.
• The December payment with the second SSI payment on November 29.
• Checks arrive based on each person’s birth date and a final payment in December for retirement beneficiaries.

Beneficiaries can keep up to date on these payments and future changes via the SSA’s website, where the schedule and any applicable changes are updated annually.

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