Pay attention to your account. Social Security benefits will be credited twice in November._2
In an upcoming November that marks not only the quadrennial presidential election and Thanksgiving but also brings some unexpected financial relief, approximately 7 million Supplemental Security Income (SSI) beneficiaries will receive an additional check. According to KTLA 5 in Los Angeles, this extra payment is set to arrive alongside their regular monthly benefits from the Social Security Administration (SSA).
Typically, SSI recipients receive their payments on the first of each month. However, if that day falls on a holiday or weekend, payments are issued on the preceding business day. For instance, in August, beneficiaries received their checks for both August and September, but nothing in September. Similarly, November will see recipients getting their payments for the current month as well as for December, since December 1 falls on a Sunday.
The payments for January, February, and March of next year are also set to be affected, as the first days of those months will land on weekends or holidays. Specifically, on January 31, beneficiaries will receive their payment for February, while the check for March will come on February 28. Notably, there will be no checks for March, with the payment schedule returning to normal in April.
While SSI beneficiaries will receive all their standard annual payments, the arrival of two payments in one month may necessitate some budgeting adjustments for recipients in the following month.
For those who receive regular Social Security benefits instead of SSI, the payment schedule for November and December will remain unchanged, although they might experience changes due to the recent cost-of-living adjustment (COLA) announced by the SSA earlier this month.
The latest COLA adjustment stands at 2.5%, which is a decrease from last year’s 3.2% and 2022’s 8.7%, reflecting a trend of slowing inflation. This adjustment is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as determined by the Labor Department.
