Why some Americans will receive an extra Social Security check in November

Published On Oct 21, 2024, 11:40 AM

Some Americans will receive two Social Security payments in November because SSI payments are scheduled for November 1 and again on November 29, due to December 1 falling on a weekend. This situation affects around 7.4 million SSI beneficiaries who will technically receive their December payment early. The article also notes that the cost-of-living adjustment (COLA) for Social Security benefits will be 2.5% for 2025, which is lower than the previous year's adjustment, and inflation has been cooling, affecting future benefits.

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The extra Social Security check may temporarily boost spending for recipients, but the overall impact on the market is likely to be minimal. The 2.5% COLA for 2025, while lower than in previous years, indicates a continuing effort to adjust benefits with inflation, which may bolster consumer confidence for those affected by inflationary pressures.

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