This is a rare occurrence that results from a glitch in the system.
Usually, the Social Security Administration only sends one payment of Supplemental Social Security Insurance (SSI) per month. Checks are delivered on the first day of each month unless the date falls on a holiday or weekend.
Since June 1 is a Saturday, SSI beneficiaries will receive two payments during May. The first payment is scheduled to arrive on May 1st, while the second will be on 31 May. SSI benefits are available to disabled Americans and those with low incomes.
Back-to-back payments do not mean that retirees receive extra money. It’s simply an early payment for the next month.
According to the schedule of payments posted on the Social Security Administration website, this will happen twice more in 2018. In August and November.
The cost of living for retirees increased modestly this year. However, many report struggling to make ends meet as high inflation continues to erode their purchasing power.
Atticus published a survey that found that 62% of seniors receiving Social Security are unhappy with the 3.2% increase in payment they will receive by 2024.
Approximately 20% of seniors who receive Social Security will seek employment due to the modest increase in the price of food, rent, and medical care
The rising cost of utilities, heating, food, and insurance has caused concern among retirees.
In January, more than 66 million Americans who collect Social Security benefits received larger payments.
This payment boost was a sharp decline from 2023 when recipients were given an 8.7% increase, the largest in over four decades. It is still higher than the average 2.6% increase over the last two decades.
A rise of this magnitude would have increased the average monthly benefit for retirees of $1,907 to about $59
The change in Social Security is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from July, September, and August.
