New $697 Federal Payment on Black Friday: Eligibility Details Revealed

Black Friday, November 29, 2024, marks when the Federal Government pays qualified Americans a Supplemental Security Income, or SSI payment.

This unique disbursement occurs on Social Security Administration payment schedule. So by receiving it at this time, this helps allow recipients to have better control of their money throughout Christmas.

Here is all you need to know in terms of eligibility and specifics of this federal benefit.

Supplemental Security Income, or SSI, what is this?

SSI is a federal program which is aimed to aid those with low resources and income. Basic payments are meant to cover the very basic issues; such as food, clothing, and house. It’s primarily meant for:

• Those sixty-five years or older
• people with handicaps.
• Those who have lost sight.

Black Friday Payment Recipients: qualification

You have to meet the following criteria to be eligible for the $697 payment on November 29, 2024:

1. Current SSI Recipient
   Payment will be made to only those who have already registered and have been qualified for SSI benefits. You do not qualify for this payment if you have not applied for SSI or if your application is still pending.
2. Income and Resource Constrictions
   SSI recipients have limited resources and a limited income. Resources Allowed: $ 2,000 for singles or $ 3,000 for couples.
   Monthly income: Has to be less than government guidelines, which vary depending on household makeup and state.
3. Age criteria, blindness, or handicap
   To be eligible for SSI payments, you have to fit one of the following requirements:
   be blind.

Why is Black Friday the payment date?

Unless that date happens on a weekend or federal holiday, SSI funds generally post on the first of every month.

December 1 is a Sunday so the check for December 2024 is being brought forward to November 29 for December 2024.

Although this falls on Black Friday, this is purely an administrative convenience and not to coincide with sales events.

Instead of splurging during Christmas sales, they are advised to use it to manage their basic needs.

Is this 2024’s last payment?

Though it is a December payment, the Black Friday payment is not the SSI payment last check until 2024. Since January 1 is a federal holiday, the January 2025 SSI payment will also be an advance—paid on December 31, 2024.

Vital Note: Representing a 2.5% raise, the payment on December 31 will include the 2025 Cost-of-Living Adjustment (COLA).

For those receiving the maximum pay, payouts are $967 and the average SSI payment should rise from its current $697 about $714.
Smart Black Friday and Beyond Planning

Keep in mind to maximize these payments:

Balanced budgeting: Treat this Black Friday payout as your December pay, provided it lasts throughout the month.

Expect COLA adjustments. The December 31 disbursement will reflect the COLA increase for 2025, thereby providing a bit more monetary aid moving forward.

While this November 29 disbursement may help with Christmas expenses, food, and rent and utilities should be paid first.

Why Is This Payment Significant?

This payment is important because it is received during a period when most families are feeling the maximum level of stress in their wallets. The rising inflation, increasing utility bills, and expenses related to holidays add pressure to the wallet, and this support reduces that pressure.

For poor families, $697 makes a significant difference as they can celebrate holidays without having to compromise on other essentials.

Conclusion

The $697 federal payment is welcome as it has come just in time during the beginning of the holiday season. The automatic nature of funds distribution will save recipients hassle.

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If you feel you qualify, make sure your benefit records are updated to receive the payment without any delay.

With the arrival of Black Friday, this monetary relief will be able to ease much pressure, helping families fulfill their requirements and celebrate the holiday season. Stay tuned for announcements from federal agencies to receive updates on the payment and its distribution.

FAQs:

Do I need to apply for the payment?

No, eligible recipients will automatically receive the payment.

Is the payment taxable?

No, this payment is non-taxable and will not affect other benefits.

Can I receive this payment if I’m not currently on benefits?

Only individuals enrolled in qualifying assistance programs are eligible.