Some Social Security recipients will receive payment on Black Friday. This payment during Thanksgiving time will be essential for many recipients ahead of Christmas time to buy items in the Black Friday sales and enjoy their holiday.
Social Security Black Friday Payment
The Social Security Administration administered the Social Security benefits offered to the disabled, survivors, the elderly, and veterans. Supplemental Security Income is one of the Social Security benefits that offer financial assistance to the elderly or disabled people who don’t have enough income or resources.
The administration processes the SSI payment on the first day of the month, however, if the payment day falls on a public holiday or weekend, the recipients will receive the payment earlier on the last business day before the payday. Due to this rule, sometimes the Social Security recipients receive their payment early or double payment in a month, the same thing is happening here.
The SSI December 2024 payment day (01 Dec 2024) falls on Sunday, hence the administration will disburse the SSI payout early on 29 November 2024 (Black Friday). According to reports, around 72 million Americans receive Social Security assistance, so we can expect millions of people to receive Black Friday payments.
Who will receive the Social Security Black Friday Payment?
Americans who meet the following eligibility and income threshold will be entitled to receive the Social Security Black Friday Payment if they have claimed the SSI:
- You should have a serious disability or blindness or you are age 65 or above to receive the support.
- If your age is 64 or younger, you must have a disability that limits your work capability, and daily mobility, or may result in death. Your income to receive SSI should be less than $1550 per month.
- Your monthly income limit for the SSI payments is $1971 (for individuals), the limit may be higher for couples and children working parents.
- Your income resources or things you own, such as cars, assets, etc, should not cost more than $2000 (individual) and $3000 (couples). For parents applying for SSI for a child with a disability, the income resource limit hiked by $2000.
- You must be a US citizen living in the US, however, if you are a non-citizen, you can still receive the benefit when you meet the above qualifications with non-citizen eligibility.
How much Social Security payment will you receive on black Friday?
The SSA annually adjusts the Social Security benefits payouts based on COLA (cost-of-living-adjustment) calculation. The COLA computation depends on CPI-W calculated every month by the Bureau of Labor Statistics. The 2024 COLA adjustment increased the payment with a 3.2% hike, so the recipients will receive $943 from $917 (for individuals).
Couples qualifying for the Social Security Payment can receive up to $1415 SSI payout. Social Security recipients should understand that it will be their last payment in 2024. Afterwards, you will receive a payout based on the 2025 COLA increase announced in October 2024.
Based on the 2025 COLA adjustment of 2.5%, the SSI recipients will receive $967 (individual) and $1450 (for eligible couples). The recipients will receive the increased payment for January 2025 on 31 December 2024 due to the New Year holiday.
What can reduce your SSI payout amount?
The SSI payout amount depends on many factors, such as your income, your living situation, your family member’s gross income, and other support you receive. So, your SSI payout can be affected by these factors, let’s see how much your payment gets affected:
- Your income/ your family member’s income/ your parent’s income:
- The SSI recipient’s payment gets reduced, if they earn more than the income threshold set by the administration for SSI.
- For every $2 earned income above the limit will reduce your payout by $1. If your income is from non-work resources, such as pension payments, disability benefits, etc, your payment will be reduced based on $1 for every $1 earned above the limit.
- Your family member’s income may affect your payment to some extent based on earned income.
- The SSI payment for eligible children can be affected due to parents’ income based on the above rules.
- Your Living Situation: If you live with someone else and you don’t spend on your food or shelter, your SSI payment can be reduced to $334.33 from $943.
Remember, If you receive other benefits from your State government as many State governments have their benefits to help the people with food and shelter, your federal benefit will not be reduced based on your state supplement.
What to do if you do not receive the Social Security Black Friday Payment?
If by any chance, the eligible SSI recipients do not receive the Social Security payment on 29 Nov 2024, they should contact the SSA, but before that follow the below instructions:
- You must first check that you are still eligible for SSI or that your bank account details are correct and your account is active.
- You have reported the changes timely for each month, such as your wages, living situation, etc.
- If you find everything well from your side, you wait for three mailing days (for paper check recipients) before connecting the SSA at Social Security number 1 800 772 1213 during business hours on working days.
The Social Security SSI recipients will receive their December payout on Black Friday, so enjoy the early payment shop for Christmas from the Black Friday deals.
