The Big Money Show panel discusses the alarming new analysis showing that Social Security and Medicare are hurtling toward insolvency and warns that retirees will face steep cuts to their benefits unless Washington acts quickly.
Some recipients of Social security benefits will receive two checks in the month of December, as a calendar quirk will move the payment schedule an adjacent month.
The Social Security Administration (SSA) usually issues payments for Supplemental Security Income (SSI) the first day of a given month. The SSI program provides monthly payments to eligible seniors who have little or no income, as well as people with disabilities, which is different from standard Social Security retirement benefits.
When the first of the month falls on a weekend or federal holiday, SSI payments for that month are made on the last business day of the previous month to ensure that beneficiaries have received their funds before the start of the new month and face potential expenses.
Because of the way the 2025 calendar falls, two SSI payments will be made in December: one on December 1, which will provide December benefits; while the second, on Wednesday December 31, will offer services for the month of January.
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Some Social Security recipients will receive two months of benefit checks in December due to New Year’s Day. (Mark Félix/The Washington Post / Getty Images)
SSI payments are usually made through direct depositalthough recipients without a bank account or who wish to receive the funds through a different mechanism can obtain them on Direct Express cards.
The SSA decided to discontinue paper checks at the end of September following a Trump administration an order earlier this year that mandated the transition of all federal payments to electronic transfers, such as direct deposit into bank accounts or transfers to debit cards.
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The vast majority of Social Security benefits are paid by direct deposit. (Kevin Dietsch/Getty Images)
SSA data showed that as of September, more than 68 million Americans nationwide were receiving Social Security benefits. Of this figure, around 390,000, or around 0.6%, were receiving paper checks.
THE ASS website offers methods by which beneficiaries can enroll in direct deposit through the My Social Security platform, or by telephone through the SSA or the Treasury Department’s Electronic Payment Solutions Center.
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Beneficiaries can also register in person by going to their financial institution.
