For millions of Americans who receive Supplemental Security Income (SSI), Black Friday this year is more than simply a time to shop. About 7.5 million eligible recipients will get their monthly federal payment on November 29, 2024, giving them much-needed financial assistance during this shopping season.
Who Qualifies
The purpose of the SSI program is to help people with low incomes and resources. You need to fulfill these conditions to be eligible:
- Financial Need: Low income and few resources are the primary criteria.
- Special Conditions: You must be aged 65 or older, blind, or have a qualifying disability.
You won’t get this payment if you have never filed for or been granted SSI assistance.
Black Friday
The first day of every month is usually when SSI payments are made. On November 1, 2024, however, the November payment was made, fulfilling the commitment for that month.
Since federal payments are not handled on weekends or holidays, the next payment will be made on November 29, the previous business day, as December 1 occurs on a Sunday this year. The schedule is strictly practical and has nothing to do with the shopping holiday, even if the date falls on Black Friday.
Two Payments
SSI beneficiaries will receive another payment on December 31, 2024, even though the Black Friday payment is actually for December. Due to the federal holiday on January 1, this second check is for January 2025.
| Payment Date | Covers Month |
|---|---|
| November 29, 2024 | December 2024 |
| December 31, 2024 | January 2025 |
The 2.5% cost-of-living adjustment (COLA) rise for 2025 will be included in the payment due on December 31. As a result, beneficiaries could anticipate somewhat increased payouts in the upcoming year.
Amounts
In contrast, the December 31 check will include the COLA raise, raising the maximum SSI amount to $967 for individuals, with an average payment of approximately $697. The Black Friday payment will represent the current 2024 benefit amounts.
Budgeting Tips
With two payments in December, careful budgeting is essential to manage expenses through January. Here are some tips:
- Prioritize Needs: Cover essential expenses like housing, utilities, and groceries first.
- Avoid Overspending: The Black Friday payment may tempt some to overspend on deals. Stick to your budget.
- Plan for 2025: Use the COLA increase to cushion expenses in the new year.
Receiving two checks in a short period of time is thrilling, but keep in mind that both checks are intended to support you during various months.
The Social Security Administration’s efforts to maintain financial assistance on schedule, even during hectic times, are highlighted by the impending Black Friday SSI payment. Seize the chance to make prudent use of your funds as you get ready for the upcoming year.
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