All those Supplemental Security Income (SSI) recipients may think October is lucky month for them because they will see two SSI payments this month. Be smart, even though it might seem like a bonus payment, it’s not.
The simple truth is that the second payment in October is not extra money. It’s the SSI check for November being paid early. For this reason, there will no SSI payment in November. Now for those who live on fixed incomes, this schedule change may feel a bit inconvenient.
Why Two Payments Show Up in October
In order for you to understand what’s happening, you need to know how SSI payments are scheduled. The Social Security Administration (SSA) normally sends out SSI checks on the first day of every month.
However, the only exception to this is, that if the first of the month falls on a weekend or federal holiday, then SSI payments are sent out on the last business day of the previous month.
With that being said, the 1st of November falls on a Saturday. For this reason, the SSA will send out Novembers SSI payment on the 31st October.
In essence, beneficiaries will receive an SSI payment on the 1st of October and one on the 31st October.
The Hidden Trap: No Check in November
The danger comes in because there will be no SSI payment in November at all. It is therefore important for beneficiaries to keep money aside and plan for November’s expenses.
Many SSI recipients rely on that one monthly check to cover basics like rent, groceries, medicine, and utilities. If they aren’t careful, they could spend the second October check too quickly and then have nothing left to get through November.
Why This Matters for Millions
For all those families who rely on SSI, the timing of payments is just as important as the amount. Here’s why the double-payment month matters so much:
- It becomes more difficult to budget as you have received two checks in October which needs to cover for November.
- Sometimes people may get carried with too checks and may overspend.
- It causes unnecessary to plan ahead for two month.
How to Avoid Running Short
If you or someone you know receives SSI, the best way to avoid trouble is to treat the second October payment as if it didn’t arrive until November. Here are a few tips:
- Firstly, write down the payment dates as per the SSA payment schedule so you know when to expect your benefits.
- Keep aside the money for November’s expenses, do not spend it unnecessarily.
- Plan ahead for bills
- If you require more assistance, seek help from other support programs.
This Isn’t the First Time
Beneficiaries must know that this schedule change isn’t something new. It does happen a few times in year when the first happens to fall on a weekend or holiday.
The SSA posts these schedules ahead of time, yet many people are still unaware of them. It can be disconcerting to see two payments in one month, and if you don’t prepare ahead, it might lead to issues the next month.
The Bottom Line
If you are an SSI recipient, don’t get carried away by October’s double payment. Make sure you remember that the second SSI payment is for November as there will be no SSI payment in November.
It is important to plan ahead and make sure you have sufficient funds to cover your expenses for November. Be sure to refer to the SSA payment schedule if you are unsure when your benefits will arrive.