Real Social Security Update: The Supplemental Security Income (SSI) payments will undergo a significant change in September 2024 that will affect millions of Americans. We discuss the upcoming changes, including the change in payment dates, the reason for the change, and how it will impact SSI recipients, in this article.
Beneficiaries can avoid potential disruptions by understanding these changes.
Understanding the Social Security Change
Real Social Security Update: In most cases, SSI payments are issued on the 1st of each month. However, when the 1st falls on a weekend or holiday, the payment is adjusted to the preceding business day.
Since September 2024 falls on a Sunday, the SSA will move the payment date to Friday, August 30th, 2024.
SSI recipients affected
Real Social Security Update: The early payment in September could be seen as a benefit by many of the 7.5 million SSI beneficiaries.
The longer gap between September and October payments means that recipients will have to budget accordingly to manage this transition.
SSI Payment Schedule for 2024
| Month | Original Payment Date | Adjusted Payment Date |
|---|---|---|
| January | January 1 (Sunday) | December 30, 2023 (Friday) |
| June | June 1 (Thursday) | No Change |
| September | September 1 (Sunday) | August 30, 2024 (Friday) |
Delayed Social Security Payments: What to Do
When SSI payments are not deposited on the expected date, the SSA advises you to wait three business days before taking action.
Beneficiaries should first contact their bank and, if necessary, contact their local Social Security office if the payment has not been received after this period.
SSI Payment Amounts in 2024
Real Social Security Update: For individuals, the maximum SSI payment is $943, and for couples, it is $1,415; however, additional income can reduce these amounts.
A dollar-for-dollar reduction in SSI payments occurs when earned income is reduced by $1 for every $2 earned, whereas unearned income such as pensions or disability benefits is reduced by $1 for every $2 earned.
Planned financial management
Understanding the Social Security Change: In light of the importance of SSI payments, it is very important for beneficiaries to keep track of any changes in payment schedules or amounts. By staying informed, they can avoid financial disruptions and can plan their finances better.
Additionally, recipients who work or receive other forms of financial assistance should be aware of how their income affects their SSI payments.
Beneficiaries should stay informed about changes to SSI payments in order to avoid disruptions to their financial plans.
Receivers can better manage their finances and ensure they continue to receive support by understanding the adjusted payment schedules and the impact of additional income.
Visit the official SSA website or contact your local Social Security office for more information.
