If you are a recipient of Supplemental Security Income (SSI), you likely noticed an extra deposit in your account on December 1st, in addition to your regular December check.
This bonus payment includes the much-anticipated 2024 cost-of-living adjustment (COLA), a substantial 3.2% increase from your current benefit amount
However, if you are receiving Social Security benefits, you will need to wait until January to witness the enhancement in your payments. The intricacies of this timing discrepancy will be unraveled below. To keep track of your new benefit amount, it’s essential to check your My Social Security account message center. The deadline for creating an account was November 14th, but if you missed it, be vigilant for a forthcoming letter that will outline all the details of your increase.
Understanding why SSI recipients are receiving their first increased payment in December is crucial. Furthermore, this report will delve into the specifics of the Social Security payment schedule, the Social Security Disability Insurance payment schedule, and the anticipated Medicare premiums and deductibles for 2024. The Social Security Administration adheres to a rigorous payment schedule, typically distributing SSI payments on the first of each month.
Exceptions to this rule occur when the regular payment date coincides with a holiday or falls on a weekend
January 1, 2024, being a holiday, prompts the administration to release checks earlier on the nearest business day, which, in this case, is December 29th. This means SSI recipients will experience the first increase of 2024 before the new year. However, for those receiving both SSI and Social Security benefits, the SSI increase will manifest in December, while the Social Security benefits increase will commence on January 3rd, a Wednesday.
For additional details, including the maximum amount of Social Security benefits one can receive each month, refer to official resources. The 2024 cost-of-living adjustment (COLA) brings a welcome financial boost for beneficiaries, improving their financial outlook for the upcoming year.
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