The Supplemental Security Income (SSI) program is about to disburse vital financial support to eligible beneficiaries, and it couldn’t come at a better time. The last SSI payment was issued on September 29, 2023, and the November payment is eagerly awaited by many families who rely on this crucial assistance.
For SSI recipients, there will be one payment in November, just as there always is. However, it’s important to note that this payment will not include the 2024 COLA (Cost of Living Adjustment) increase.
When to Expect Your SSI Payment in November
SSI beneficiaries can anticipate receiving their November payment on November 1, 2023, in accordance with the payment schedule set by the Social Security Administration.
After this payment, there will be a brief wait until the next SSI payment, scheduled for December 1, 2023. But there’s a twist in December – SSI recipients will receive two payments. The second payment, due on December 29, is for January 2024. The reason behind this unique schedule is to account for New Year’s Day, which falls on January 1, 2024, and is a holiday when banks are typically closed. This arrangement ensures that recipients receive their funds on time and without any delays.
Understanding Average SSI Payments
As of September 2023, the average SSI payment is $676 for all recipients. However, if you are 65 years or older and receiving Supplemental Security Income, your average check may be slightly lower. This is often because many individuals in this age group are also collecting retirement benefits simultaneously, resulting in an average SSI payment of $552.
For those aged between 18 and 64, the average SSI payment is higher, with amounts averaging around $718. It’s essential to note that some children may also qualify for SSI payments, and they receive the highest average check, approximately $797. For more detailed information about eligibility and payments, you can visit the Social Security Administration’s (SSA) official website.
The future holds promise for SSI beneficiaries as well, thanks to the 2024 COLA. This adjustment will lead to more substantial Social Security payments. In 2024, SSI beneficiaries may see their payments increase to as much as $943. Additionally, married couples currently eligible to receive up to $1,371 may experience an increase to $1,415 in 2024. Essential persons’ checks will also rise from $558 to $572.
The SSI program remains a crucial lifeline for millions of Americans, providing essential financial support and, with upcoming adjustments, delivering even more substantial assistance to those in need.
