Double Social Security payment: when is the last one for 2024?

The Social Security Administration is preparing to issue payments under its benefits program for the last quarter of the year. Recipients range from retired workers to adults and children with disabilities, who commonly fall into the Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) programs.

The amount to be received varies among beneficiaries depending on their personal situation. The government agency issues annual official estimates to offer a broader picture to those seeking to plan their retirement and to know in advance the possible amount of Social Security benefits.

In 2024, the average monthly payment for a retiree is $1,907. For couples filing jointly, the figure rises to $3,303 per month. For SSI recipients, the average payment is $943 per month for individuals and $1,415 for couples.

When are Social Security payments distributed?

Regardless of the category to which the recipient belongs, payments are made on a monthly basis. The exact date of distribution is linked to the beneficiaries’ day of birth. People born between the 1st and 10th receive the money on the second Wednesday of the month. Those born between the 11th and 20th receive it on the third Wednesday, and those born between the 21st and 31st receive it on the fourth.

SSI beneficiaries and workers who retired before May 1997 are not covered by the above scheme, since they receive their money at the beginning of the month, regardless of their date of birth. If the payment date falls on a weekend or holiday, the check is advanced to the previous business day. Therefore, some beneficiaries may sometimes receive a double payment in one month.

Double Social Security payment: when is the last one for 2024?

Given how the Social Security payment schedule works, there will be one more month this year in which the agency will issue two payments to some beneficiaries. This will take place in November for SSI recipients.

Increase in Social Security payments

The Social Security Administration increases payments each year to adjust the amount of the checks to current inflation, with the goal of avoiding purchasing power losses when prices are high. This increase is known as the Cost of Living Adjustment or COLA. The increase for the year 2024 was pegged at 3.2%, while the 2025 adjustment will be announced in October.