One of the most in-demand social benefits has just undergone an unexpected change across the country that, of course, is going to affect you. Actually, it’s a whole program of benefits that will be upended by the new SSI payments in May, which change one very important detail. Do you know what we’re talking about? Precisely the same thing that caused chaos for thousands of families last year.
SSI payments changing in May: look to your bank account to be noticed from this
The Supplemental Security Income (SSI) program offers monthly payments for applicants that are age 65 or older, blind and disabled who are within eligibility criteria regarding their income limits as well as asset control.
Morover, SSI has disclosed a temporary breakdown of the typical SSI payment dispatch forecast for month of May, 2024. Usually, SSI payments are to be released on the first day of the month; the revised May plan may, however, see the case where some beneficiaries make a payment at times that deviate from the usual practice.
SSI payment schedule in May, at detail: here´s when you will receive the money
The Social Security Administration (SSA) has confirmed there will be changes to the May payment schedule for Supplemental Security Income (SSI) recipients. Typically, SSI payments are disbursed on the 1st of each month. However, due to the 1st falling on a Sunday in May, the SSA has announced the payment date will be moved to Monday, May 2nd for most recipients.
However, some recipients who normally receive payments on the 3rd of each month will instead receive their May payment earlier, on Monday, May 2nd. This is to avoid payments being disbursed on the 3rd, which falls on a federal holiday in May. The SSA has stated that the payment dates will be as follows:
- Recipients who receive SSI payments on the 1st of each month will receive their May payment on Monday, May 2nd.
- Recipients who receive SSI payments on the 3rd of each month will receive their May payment early, on Monday May 2nd, instead of Tuesday May 3rd which is a federal holiday.
This rescheduling of payment dates in May will allow the SSA to get SSI payments out on time and avoid disruption around federal holidays. The administration confirmed these new May payment dates so recipients can plan accordingly.
Social Security explains the reasons for the change in SSI payments in May
The usual payment date for the Social Security Administration (SSA) is every first day of the month. As for the Supplemental Security Income (SSI), it is from the Social Security Administration (SSA) as well. The first occurs during the business days. In the case of a weekend or holiday, the actual payment date falls the business day before.
SSA has informed that SSI payment for May 2024, which is earlier than usual, would go out as early as. This payday of Apr. 29 cannot be May 1 as it is a Wednesday this year; therefore, it is a day earlier. This becomes the way weekend adjustments are made so that currency holders stands a chance of receiving their money faster.
The SSA decides how these corrections will occur and what is the date on which they will become in force, it communicates these in advance. Holidays and weekends usually are in the neighbor of unexpected expenses.
So, as part of those out-of-the-blue events, debt collectors make sure the bills are completely paid of by planning in advance for those days. The May disbursements that have been altered portray the adjustment role that the SSA performs, in regards to obstacles that would otherwise delay payments.
As you can see, the SSI payments in May have changed forever, or rather, until the government changes them again in 2025. For the latter, there are still several months ahead, since it is usually announced in October or November, although we already know that the COLA will be decisive in its expected increase, which some experts rate between 8 and 9%.
