Potencial Three Social Security Payments in November 2024: Underlying Reasons Revealed
The typical Social Security payment for an individual is approximately $1,927 per month, totaling around $23,080 annually. However, this isn't sufficient for many retirees as it only covers about a third of the average senior household's expenditures, as reported by the Bureau of Labor Statistics.
Retired couples have an advantage with two monthly payments, but the majority barely surpass this figure. Nevertheless, in the peculiar month of November 2024, some fortunate Social Security recipients will be in for a surprise – they'll receive not two, but three checks, with some married couples potentially receiving four. Yet, before you jump for joy, there's a clue you need to be aware of.
Social Security retirement benefits are just one component of the broader program
When people discuss Social Security checks, they're often referring to Social Security retirement benefits or spousal benefits for individuals married to qualifying workers. While these are indeed significant, they represent only a piece of the puzzle. The program also extends to disabled workers and their families, as well as the dependents of deceased workers.
Another vital component is Supplemental Security Income (SSI), a monthly benefit managed by the government to assist eligible blind, disabled people, and seniors aged 65 or above with minimal income and resources. The amount varies depending on your location and financial circumstances. The federal allocation for 2024 can reach up to $943 for a single adult and $1,413 for a married couple. Some states may supplement this amount for their residents.
Traditional Social Security checks are disbursed on the second, third, or fourth Wednesday of each month, contingent on your birthdate. For November 2024, this means:
- Individuals born between the 1st and 10th of the month: Nov. 13, 2024
- Individuals born between the 11th and 20th of the month: Nov. 20, 2024
- Individuals born between the 21st and 31st of the month: Nov. 27, 2024
SSI payments, on the other hand, are usually issued on the 1st of the month. When the 1st falls on a weekday or holiday, the government advances the payment to the last business day prior to the 1st. Consequently, individuals receiving both Social Security and SSI will receive three checks during November 2024.
They received their November SSI payment on Nov. 1, their November Social Security check as scheduled, and their December SSI payment will be deposited on Nov. 29, 2024 (early due to Dec. 1, 2024 being a Sunday).
Be cautious in December
The prospect of three checks in November might be enticing, but it's essential to bear in mind that it's not an additional fund. Instead, your December SSI payment has just been preempted. You need to budget this payment to last until your Social Security check arrives, which won't be until at least Dec. 11, 2024. You also won't receive your January 2025 SSI payment until Dec. 31, 2024 (yet again, early due to Jan. 1, 2025 being a holiday).
Finances may become especially strained during this period due to holiday spending. Ensure you're keeping track of your expenses and consider postponing certain purchases until the New Year, if financially feasible.
It's also worth noting that your Social Security and SSI benefits will both rise by 2.5% in the coming year, increasing the average Social Security benefit to $1,976 per month and the maximum federal SSI payment to $967 per month for single individuals and $1,450 per month for couples. Although minor, this increase might give you a bit more leeway.
In regards to retirement finance, many retirees find that Social Security retirement benefits alone are not sufficient to cover their living expenses, often amounting to about a third of the average senior household's expenditures. To supplement their income, some retirees may also rely on spousal benefits or other components of the Social Security program.
It's important for retirees to understand that while Social Security checks can be a significant source of income, they should also consider other financial options such as savings, investments, or pension plans to ensure a secure retirement. Properly managing and planning their retirement finances can help retirees achieve their financial goals and maintain a comfortable lifestyle in their golden years.
