Extra Social Security Payment for May: What San Diegans Need to Know - ItsSoSanDiego
by: itssosandiegoPosted on:

Extra Social Security Payment for May: What San Diegans Need to Know

Navigating the Payment Schedule

By ItsSoSanDiego | May 11, 2024

Some good news for Social Security recipients in San Diego: you might be receiving an extra payment this month. Here’s why.

Just like some lucky folks will receive an extra paycheck in May, some Social Security recipients will get two checks this month. This anomaly is due to a quirk in the Social Security Administration’s payment schedule, which occasionally results in two Supplemental Security Income (SSI) checks being issued in a single month. May 2024 marks the first of three double-payment months scheduled for this year.

The first SSI check for May was disbursed on May 1, according to the agency’s calendar. The second and final check for the month will be sent out on May 31.

But before you start planning how to spend this extra cash, it’s essential to understand why you won’t be receiving a payment in June. The reason lies in how Social Security’s SSI payments are scheduled. They are always sent out on the first day of the month. If the first day happens to be a weekend or holiday, the payment is sent out on the preceding business day. Since June 1 falls on a Saturday this year, SSI recipients will receive their next payment on the last day of May, and the subsequent regular payment will arrive on July 1.

This double-payment phenomenon will occur again in a couple of months. In September, with the 1st falling on a Sunday, payments will be dispersed on Friday, August 30. November will also see a double payment, as December 1 lands on a Sunday.

Looking ahead to 2025, the irregularity in payments will persist. January, February, and March will all have their first days falling on holidays or weekends, leading to adjustments in the payment schedule.

Despite these shifts, recipients can rest assured that they will receive their full benefits throughout the year.

As you enjoy this extra payment for May, some predictions suggest that Social Security checks could see an increase in 2025. The Senior Citizens League recently adjusted its long-term forecast for the 2025 Social Security cost-of-living adjustment to 2.6%, citing March’s inflation data. However, the group warns that even if this prediction holds true, it may not be sufficient to keep pace with rising living costs.

The future of Social Security remains uncertain, with ongoing discussions about the sustainability of the program. While recent reports show a positive outlook due to an improving economy, officials emphasize the need for policy changes to ensure the programs can continue to provide full benefits to retirees.

As we navigate these changes, it’s crucial for San Diego’s Social Security recipients to stay informed and prepared for any developments that may affect their benefits.

A Note to Recipients

  1. The Social Security Administration (SSA) usually issues Supplemental Security Income (SSI) payments on the first day of each month. However, if that date falls on a weekend or holiday, the agency pays recipients ahead of schedule—on the last business day of the preceding month12. This ensures that those dependent on SSI have the funds they need by the start of the month.
  2. In May 2024, SSI beneficiaries will receive two payments:
  3. However, recipients should note that this second payment is not extra money; it’s simply the next month’s payment arriving a few days early. Due to this double payment in May, there will be no payment in June. Instead, the subsequent regular payment will occur on July 112.
  4. This quirk in the payment schedule also affects other months:
  5. Looking ahead to 2025, SSI payments will be even more out of order:

The Associated Press contributed to this report.

Leave a Reply