Final days for Social Security recipients to score checks worth $943 as new amount set to hit accounts in weeks

Only a few weeks after some recipients got their final $943 payment, a MAJOR Social Security change is on the horizon.

The Social Security Administration (SSA) releases the yearly update, which has an impact on people who receive benefits from one of its programs.

Approximately 72.5 million Americans rely on the various programs offered by the Social Security Administration, particularly Supplemental Security Income (SSI).

SSI helps those 65 and older or disabled people of any age who have limited access to resources and income.

In order to qualify for SSI benefits, eligible applicants who fell into those categories must also have assets of less than $2,000 per person or $3,000 per couple.

Monthly checks or direct deposits of SSI funds are made, and the amount is adjusted annually by the cost-of-living adjustment (COLA).

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In October, the SSA determines the COLA based on U.S. economic trends and inflation rates.

On October 10, 2024, a 2.5% hike for the 2025 tax year—the lowest in four years—was announced.

PAY UP

Accordingly, the average monthly payout amount for SSI beneficiaries will increase from $943 this year to $967 in 2025.

Once more, these are the averages; actual amounts will differ according on individual recipient-specific factors like as assets, income, and more.

In any case, the 2.5% increase will remain in effect.

SSI recipients can use the administration’s website to schedule when they will receive their monthly distributions.

A $943 last payment was already made on Black Friday, November 29.

SSI benefits are normally disbursed on the first of every month.

Why, then, was a distribution held on the 29th?

DATE DYNAMICS

When a date falls on a government holiday or a weekend, there are exceptions, which complicates November and December this year.

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.

Since November 1st fell on a Friday, $943 was paid at that time. However, December 1st arrived on Sunday, making November 29th the closest weekday.

This is due to the fact that the Black Friday dividend is a representation of December funds.

However, because January 1st is a federal holiday for New Year’s Day, the SSA calendar displays another distribution for December 31st, which is the first distribution for January 2025.

Since it’s for the next year, the COLA increase is also applicable, therefore the payment is now worth $967 rather than $941.

Given the Leap Year, recipients can utilize the calendar to make sense of other problematic days in 2025, such as February and March.

Americans should stay informed about the SSA’s more recent revisions.

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In one US state, thousands of Social Security users could possibly be denied payouts.

Earlier this month, the SSA also warned of a possible “funding freeze” and “50-year low.”

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