2023-12-04 09:59:50
Supplemental Security Income (SSI) recipients should be vigilant, as the Cost of Living Adjustment (COLA) has not only seen an increase, but has also been rescheduled. At Gestión Mix, we provide you with a detailed explanation of this unusual change.
First of all, it is important to highlight that the COLA increase for the year 2024 will be 3.2%, a direct response to high levels of inflation. The Social Security Administration has made this decision to ensure that beneficiaries see an adjustment commensurate with changes in the cost of living.
The most significant novelty lies in the change in programming for the delivery of the COLA increase. Although it was initially scheduled for January 2024, it was announced that beneficiaries will receive it in December 2023.
WHY WAS THE QUEUE AHEAD TO DECEMBER 2023?
The COLA payment was brought forward in December 2023 because January 1, 2024 (original date for the deposit) falls on a holiday.
The Social Security Administration follows a strict schedule for monthly payments, and when the regular date falls on a holiday or weekend, it is brought forward, as it is preferable to benefit the user rather than harm them.
In this case, since the first of the month is a holiday in January 2024, payments will be sent earlier, specifically on the nearest business day.
WHAT DAY IN DECEMBER WILL THE FIRST COLA PAYMENT BE DELIVERED?
The first COLA payment will be delivered on December 29. For those receiving SSI, this payment will reflect your new benefit amount.
The new date of the first COLA payment will be December 29 (Photo: Pexels)
DID THE SOCIAL SECURITY PAYMENT DATE ALSO CHANGED?
No, the Social Security payment date did not change. For those who receive both Social Security and SSI benefits, they will only experience the increase in SSI payments in December.
The increase in Social Security benefits will begin on January 3, which is a Wednesday.
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