Social Security Income (SSI) payments are usually sent on business days, but when weekends or holidays disrupt the regular schedule, payments are often sent early. For many recipients, December 2024 will be a special month because of a unique circumstance that has led to a “Triple SSI Payment”. This is primarily due to a combination of the New Year’s Day holiday and the COLA (Cost-of-Living Adjustment) increase for 2025, which will be reflected in the December payments. Here’s everything you need to know about this event.
Why Is There a Triple SSI Payment in December?
Normally, SSI payments are made on the 1st of each month, but when the 1st falls on a holiday or weekend, the payments are advanced. Since December 1, 2024, falls on a Sunday, the December payment was made early, on November 29, 2024. Additionally, since January 1, 2025, is a federal holiday, the January SSI payment will be made early on December 31, 2024. This means that SSI recipients will receive two payments in December—one for December 2024 and one for January 2025.
The “Triple Payment” refers to this early distribution of January’s payment in addition to the regular December payment. However, it’s important to note that this is not an extra payment; rather, it is just an early distribution due to the holidays.
How the COLA Increase Affects December Payments
The January 2025 SSI payment will include the 2.5% COLA increase. The Cost-of-Living Adjustment (COLA) is an annual adjustment that helps maintain the purchasing power of SSI recipients in the face of inflation. For those receiving SSI, this means they will get 2.5 dollars more for every $100 they currently receive. This COLA increase will be applied to the early payment made on December 31, so recipients will see the increased amount in their December 2024 payment.
For example:
- A person receiving $1000 in SSI benefits will see an increase of $25 per month starting in January 2025, but they will also receive this increase in their early December payment.
December 2024 SSI Payment Schedule
In light of the holiday schedule, the regular payment for December 1, 2024, was advanced to November 29, 2024. The January 2025 payment will also be sent early on December 31, 2024. There will be no SSI payments made in January 2025 due to this early distribution. This means that the next payment after December 31, 2024, will arrive on February 1, 2025. Beneficiaries should plan their budgets accordingly to ensure they can manage with this gap.
Payment Adjustments for 2025
As part of the 2025 COLA increase, the maximum amount of SSI benefits has also risen:
- Individual SSI recipients can receive up to $967, up from $943.
- Essential persons (individuals living with a recipient who help with their care) can receive up to $484, up from $472.
- Couples who receive SSI together can get up to $1,450, up from $1,415.
- The average monthly SSI benefit is around $697.
For individuals 65 and older, the average benefit is approximately $576.
How to Ensure You Receive Your Payment on Time
To ensure timely payment and avoid delays, it is highly recommended that SSI recipients enable direct deposit for their benefits. Direct deposit guarantees that payments are transferred electronically and securely to your bank account without any delay. If you don’t have direct deposit set up, it could result in delays or issues with your payment.
To set up direct deposit with the Social Security Administration (SSA), visit their website or use their online services to link your bank account to your benefits. If you do not set up direct deposit, there may be delays with the processing of your payments, particularly around holidays.
Combining SSI with Other Benefits
Many SSI recipients wonder whether they can combine their SSI payments with other benefits, such as SNAP (Supplemental Nutrition Assistance Program) or other welfare assistance. In most cases, it is possible to receive both SSI and other assistance, as long as you meet the specific income and resource requirements for each program.
For example, SNAP can be combined with SSI, as long as your income and resources meet the eligibility criteria for both programs. However, keep in mind that SSI payments may be affected if your total income exceeds the allowable limit for SSI benefits. Therefore, it’s essential to understand the income and resource thresholds for each program to ensure you don’t accidentally reduce your SSI benefits.
Key Points to Remember for December 2024 and January 2025 SSI Payments
- Triple Payment in December 2024: SSI recipients will receive two payments in December—one for December 2024 and one for January 2025. The January payment will be early, on December 31, 2024, due to the New Year’s Day holiday.
- COLA Increase: The 2025 COLA increase of 2.5% will apply to both payments, which means more money for beneficiaries.
- Payment Gap in January 2025: Since January payments are being sent early, there will be no SSI payment in January 2025. The next payment after December will be on February 1, 2025.
- Direct Deposit: To avoid payment delays, ensure that your direct deposit is set up with the Social Security Administration.
- Budgeting: Plan your finances carefully to manage the longer gap between payments due to the early January payment.
Final Thoughts
December 2024 will be a unique month for SSI recipients, with the early payment for January and the COLA increase being applied to these payments. It’s important for beneficiaries to stay informed about these changes and plan their budgets accordingly. Additionally, ensuring that you have direct deposit activated can make sure you receive your payments on time, without any issues. With these adjustments, SSI recipients can better cope with inflation and maintain their financial stability into the New Year.
