Inside: Know Why SSI beneficiaries getting two payment in may 2024 & How much benefit they will get.
Are you a senior citizen who receives Supplemental Security Income (SSI)? If so, you’ll want to know about an important upcoming change to the payment schedule for May 2024. For the first time ever, the Social Security Administration has announced that SSI recipients over age 65 will get double payments in the same month. Here’s what you need to know about this situation and how it affects Supplemental Security Income (SSI) payments for senior citizens and other eligible individuals.
Overview of Double SSI Payments
- In May 2024, seniors on SSI will receive two separate payments instead of just one
- The first payment will come on May 1st as normal
- The second payment will be made at the end of May, around the 31st
- This is a one-time double payment, not an ongoing increase
Why Two SSI Payments in May?
According to Timesnownews the second May payment is actually an early payment for the month of June. This is being done because June 1st, 2024 falls on a Saturday. To ensure seniors don’t miss a payment due to the weekend/holiday, the June payment is moved up to the end of May. The payment amounts you’ll receive are:
First Payment (for May) on May 1st:
- $914 maximum for an individual
- $1,415 maximum for a couple
Second Payment (for June) around May 31st:
- Same amounts as the first payment
So an individual senior could receive up to $1,828 across the two payments in May! This does not represent a permanent increase, just an adjustment for that specific month.
Other Key Updates
Along with the double May payments, seniors on SSI will benefit from:
- A 3.2% cost-of-living increase for 2024
- This raises the maximum monthly payment to $943 for individuals
- For couples, the new 2024 maximum monthly payment is $1,415
- $2590 for blind people
The double payments in May 2024 are great news for low-income seniors who depend on their SSI benefits. Be sure to plan accordingly for the double deposit hitting your account or mailbox! And consult your local Social Security office if you have any other questions.
Final Words
The occurrence of double SSI payments due to the calendar structure offers a brief financial respite for some of the most vulnerable populations relying on these benefits. It’s vital for beneficiaries to stay informed about their payment schedules and plan accordingly, ensuring they can smoothly transition through these periodic adjustments.
For the most current and detailed information regarding SSI payments and schedules, beneficiaries are encouraged to keep an active line of communication with the SSA and regularly check their online accounts for updates.