January 1, Double Social Security Payments This Month: Rare System Quirk Explained

A rare occurrence this month will see some Americans receiving two Social Security payments due to a system quirk. Typically, the Social Security Administration sends one Supplemental Social Security (SSI) payment each month, arriving on the first day unless it’s a weekend or holiday.

With June 1 falling on a Saturday, SSI recipients will get two payments in May. The first is set for May 1 and the second for May 31. SSI benefits help disabled individuals and older Americans with low incomes.

It’s crucial to understand that these consecutive deposits don’t mean extra money for retirees – it’s merely an early payment for the next month. This is scheduled to occur again in August and November, as per the Social Security Administration’s website.

Retirees have reported difficulties making ends meet as they face high inflation, which has significantly reduced their purchasing power. A recent Atticus survey revealed that about 62% of seniors collecting Social Security are unhappy with the 3.2% payment increase they’ll receive in 2024. Almost three in five seniors struggle financially as the cost of everyday necessities like food, rent, and medical care remains high. Approximately 20% of seniors on Social Security plan to seek employment this year due to the small increase.

Over 66 million Americans collecting Social Security started receiving larger payments in January. This payment boost marked a steep decline from 2023 when recipients got an 8.7% increase, the highest in four decades. However, it is still higher than the 2.6% average increase over the past two decades. This increase raised the average retiree benefit of $1,907 by about $59 per month.

The annual Social Security change is calculated using the consumer price index for Urban Wage Earners and Clerical Workers, or the CPI-W, from July, August, and September.

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