2023-11-04 16:20:38
Every month the Social Security Administration (SSA) sets payment dates for both retirees and those receiving Supplemental Security Income (SSI) checks; However, for the month of December some beneficiaries will be paid twice.
Although it sounds great to receive two checks during the month of December, it is important to know that this payment is not additional, but an advance in the planning of Social Security deposits; However, the good news is that next year’s payments will be received with the 2024 COLA increase.
Last month, the SSA announced the new 3.2% Cost of Living Adjustment (COLA), which will generate an increase in benefits for both retirees and people who receive checks from other Social Security programs, it is estimated that the amounts They will amount to approximately $50 more.
Who will receive double payment in December?
The beneficiaries who will receive double payments in December will be those who obtain Supplemental Security Income (SSI) checks. The first payment will be sent on December 1 and the second will be distributed on December 29this corresponds to the month of January, but it will be brought forward because that day is a holiday.
How much is the amount of the payments?
The amounts of the first payment that corresponds to December 1 are: a maximum of $914 dollars per month for individual beneficiariescouples will receive up to $1,371 dollars, while essential people receive a check for $458 dollars, these are for those who care for an SSI beneficiary.
Now, for the round of the second advance payment that will be distributed on December 29although the SSA announced that although the first SSI payment will not have the COLA 2024 adjustmentthe second will have it.
In this case, it is expected that checks for the next SSI year can be collected for a value of up to $943 for individuals and up to $1,415 for couples, according to the entity.
Payment schedule with new COLA settings
The new COLA adjustment will take effect in 2024 and payments will begin to be sent with the increase on the following dates:
January 3, 2024: Payments to beneficiaries who began receiving their benefits before May 1997. January 10, 2024: Payments for Retirees with a date of birth between the 1st and 10th. January 17, 2024: Payments for retirees with a date of birth of birth between the 11th and the 20th. January 24, 2024: Payments for retirees with a date of birth between the 21st and the 31st. Supplemental Security Income (SSI) beneficiaries will receive it on December 29, 2023 since the 1 January 2024 is a holiday.
Keep reading:
#Social #Security #beneficiaries #collect #month