Some Americans will receive two Social Security payments this month, a rare occasion that is the result of a quirk in the system.
Typically, the Social Security Administration sends out just one Supplemental Social Security (SSI) payment each month, delivering checks on the first day of the month unless it falls on a weekend or holiday.
Because June 1 falls on a Saturday, SSI recipients will receive two payments in the month of May. The first check is slated to arrive on May 1, while the second check will come on May 31. SSI benefits provide support for disabled people and older Americans with low incomes.
The back-to-back deposits do not mean retirees are receiving extra money – it’s just an early payment for the following month.
This is slated to happen two more times this year, in August and November, according to a schedule of payments on the Social Security Administration’s website.
Retirees received a modest cost-of-living bump this year, but many have reported struggling to get by as they continue to battle high inflation that has rapidly eroded their purchasing power.
A recent survey published by Atticus found that an overwhelming percentage of seniors collecting Social Security – about 62% – are dissatisfied with the 3.2% payment increase they’re receiving in 2024.
In fact, nearly three in five seniors reported struggling financially as the cost of everyday necessities like food, rent and medical care remains uncomfortably high, while about 20% of seniors receiving Social Security plan to seek employment this year due to the small increase.
Retirees reported concerns over rising utility, insurance, heating and food costs.
More than 66 million Americans collecting Social Security received the bigger payments beginning in January.
The payment boost marked a steep decline from 2023, when recipients received an 8.7% bump, the highest in four decades. However, it remains higher than the 2.6% average increase recorded over the past two decades.
An increase of this magnitude raised the average retiree benefit of $1,907 by about $59 per month.
The annual Social Security change is calculated based on the consumer price index for Urban Wage Earners and Clerical Workers, or the CPI-W, from July, August and September.
