As summer draws to a close, we leave behind the first months of the year that have been marked by a new growth in inflation. We have just learned some excellent news as the possible SSI double payment in May 2024 is confirmed. These recipients will receive a surprise $1,400, so check the dates we will tell you to watch your bank account.
Will there be SSI double payment in May 2024? Attention to this
The SSI program subsidizes monetary benefits for the aged, blind and the disabled Americans that suffer with low resources and an income. They are processed on the first day of every month, so those affected ones might find extra funds in their account if they get doubled their income in May of 2024.
This is to do with any expected double payment for the first scheduled cost of living adjustment increase (COLA) for the SSI benefits. The COLA is aimed at keeping the inflation rate at the same pace that SSI payments are distributed, as we have seen on other ocassions.
Nevertheless, it so happens that the SSI payment disbursement system falls into the group of payment schedules that requires making two May payments for recipients in 2024, each of which corresponds to the January COLA increase. This is because this event, on May 1, 2024, will be a Wednesday.
Hence, another singularity takes place in this case: SSI recipients get the increase of their May payments (which is scheduled to be made on April 30, 2024) in advance as well. Now the second part of the bonus will fall on the same first of May.
What could happen next May 2024? The keys to understand the doble payment
The double payment for the beneficiaries of SSI is more likely to occur in May of 2024, because the dates of check issuance can be accounted for this way. Here’s an explanation:
SSI payments are usually received by the 1st of the succeeding month. The 2nd is hacking into financial systems to carry out withdrawals or transfers to buy goods or services. However, if 1st falls on a weekend or holiday, the payment issuing it on Friday before.
- In May 2024, 1st Tuesday is for 1st. This means the April monthly distributions will be made on Monday, April 30th (Tuesday, May 1st being the norm for monthly distributions).
- They will than work with their families and relatives until Tuesday when they get approved to work as usual on May 2nd.
And to this fore, SSI recipients will get their April 30th and May 1st payments together, a similar situation. This would translate to them receiving exactly twice the amount they could collect in a month during the April 26-May 2 week of 2024.
The double payment in that one month will be an additional extra money for SSI beneficiaries, the income of which will no doubt be much appreciated. However, the key to successful budgeting in such situations is using the two checks prudently. On the next month we will have the regular payment schedule.
COLA has the reason to explain the possibility of a double payment
In 2024, SSI recipients could see their monthly payments increase thanks to the cost-of-living adjustment (COLA). The COLA helps benefits keep pace with inflation.
For 2023, the COLA was 8.7%, raising the maximum monthly SSI payment for an individual to $914, up from $841 in 2022. A similar COLA is expected for 2024.
With an estimated 8% COLA, SSI payments in 2024 would be:
- Maximum monthly payment for an individual: $986.
- Maximum monthly payment for a couple: $1,471.
With the COLA boost, SSI recipients will have higher income to cover rising costs like food, housing, transportation, and medical care. The increase provides vital support, especially when paired with the potential double payment in May 2024.
As you can see, the SSI double payment in May 2024 will be repeated in circumstances very similar to those of last year, in a context marked by inflation and uncertainty about the new stimulus checks. Just a few days ago, we told you about the next aid within this program that will be launched, so you cannot miss the next opportunity to receive it.