Final Social Security payment worth $943 this year to hit accounts automatically in days ahead of new increase
This week, SELECT Social Security recipients will get their final payout of the year.
For a very important reason, the $943 distribution will being sent out on Black Friday.
The Social Security Administration (SSA) program provides income for about 72.5 million Americans.
Supplemental Security Income (SSI), one of those programs, offers financial assistance to people and couples who have limited income and/or resources and/or impairments.
In particular, Americans who are 65 years of age or older, or who are of any age and have a disability, including minors, may be eligible for SSI, provided that they also have assets of less than $2,000 per person or less than $3,000 per couple.
The monthly maximum for individual SSI participants is $943 this year, up from $917 in 2023.
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Individual check amounts will still differ depending on a number of variables, such as assets, income levels, and more.
Unless the first falls on a weekend, SSI payments are sent to beneficiaries on the first of each month.
If so, the Friday before the first is when they are sent.
Because December 1, 2024, is a Sunday, the recipients will receive their $943 payment on November 29.
Given that the other payment was made on Friday, November 1, this indicates that there is a double payment for the month.
Technically, it will also be the final day of 2024.
Taxpayers can score one-time payments from $14.95 million filing settlement and there are three ways to claim
COLA BUMP
The next $943 payout is scheduled for January 1, 2025, however since it will be the start of a new year, the amounts will rise in accordance with the yearly cost-of-living adjustment (COLA).
Based on inflation rates and what the administration deems would comfortably enable Americans to meet their basic needs, the COLA establishes the amount of money that Social Security and SSI recipients would receive in their monthly payments.
On October 10, 2024, it was declared that the 2025 increase will be 2.5%, the lowest in almost four years.
Nevertheless, it means that each SSI check will have additional money, which will reflect the 2.5% increase and begin at $967 for the January 1 distribution.
What are the different Social Security payments?
If you are unable to work because of a handicap or retire, Social Security offers a source of income.
Social Security payouts fall into four categories:
- Retirement – a monthly check that replaces part of your income when you reduce your hours or stop working altogether.
- Social Security Disability Insurance (SSDI) or disability provides monthly payments to people who have a disability that stops or limits their ability to work.
- Supplemental Security Income (SSI) – provides monthly payments to people with disabilities and older adults who have little or no income or resources.
- Survivor benefits – monthly payments to eligible family members of people who worked and paid Social Security taxes before they died.
The new $967 payment will actually be sent on December 31, 2024, as the date coincides with New Year’s Day, a government holiday.
Because of the dates, SSI recipients essentially receive the 2025 COLA rise a little earlier than expected, so the $943 payout on November 29 is officially the last 2024 payment.
DATES TO REMEMBER
On its website, the SSA also provides a useful calendar for verifying all required payment dates.
Moving forward in 2025 might be helpful because February and March will have more uncomfortable dates.
For instance, based on the dates, the SSI payment for March will be issued on February 28, 2025.
Recipients are encouraged to call 1-800-772-1213 or their local Social Security office if they experience a late, missing, or stolen SSI or Social Security payment.
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In 2025, the Social Security Administration also made some major adjustments, increasing some people’s automatic checks by up to $4,018 based on their age.
Additionally, an expert exclusively informed The U.S. Sun that if President-elect Donald Trump makes reforms, Social Security users might save “extraordinary” amounts of money.
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