A Social Security payment of up to $943 will be made this week

Social Security disability and retirement benefits will be paid out to millions of recipients this week.

This week, on Friday, November 1, Supplemental Security Income (SSI) recipients and those who received retirement benefits prior to May 1997 will receive their monthly benefit share. All Social Security benefits are deposited directly into bank accounts by the Social Security Administration (SSA) for its tens of millions of recipients.

SSI is a federal benefit that provides monthly payments to adults and children who are disabled or blind, and to adults age 65 and older. As of June 2024, nearly 7.4 million people received payments.

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This November 1st payment is the first to be distributed by the SSA this month. Subsequent payments for other beneficiaries will be made throughout the month. Aside from retirees who claimed before May 1997, older Americans are paid according to their birthday, while those born earlier in a given month are paid in the first few weeks, and so on.

SSI recipients will receive two payments this month, with the second payment not representing an additional benefit component. For December, SSI payments will be made on Friday, November 29th.

These payments would normally be made on the first of the corresponding month, but this was changed because December 1 falls on a Sunday and Social Security payments are not made on weekends or federal holidays.

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“We do this to avoid putting you at a financial disadvantage and to ensure that you do not have to wait past the first day of the month to receive your payment,” the Social Security Administration (SSA) explained in a 2022 blog post .

“This does not mean that you received a double payment in the previous month, so you do not need to contact us to report the second payment.”

The SSA recommends waiting three business days to contact you if your payment is not received by the due date.

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For 2024, the maximum monthly SSI payment is $943 for an individual and $1,415 for a couple. However, this may change starting in December after the SSA announced the cost of living adjustment (Coke) in early October.

On October 10, the SSA announced a 2.5 percent increase in all benefits administered by the government agency. “Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with their spending even as inflation begins to subside,” Social Security Commissioner Martin O'Malley said in the announcement.

The first adjusted payments will occur in January 2025 for retirement benefits and December 2024 for SSI recipients.