SSI recipients in the US receive their benefits each month. These individuals typically receive their monthly payments on schedule.
However, there are occasions when calendar modifications allow for many payments to be received in a single month. This typically occurs when the regular deposit timetable is altered due to weekends or holidays.
December 2024 will be a unique month for SSI recipients since they will be able to receive two payments in a single month. The cost-of-living adjustment (COLA), which will take effect in January 2025, is another factor contributing to the calendar’s issues.
The purpose of this year’s 2.5% COLA is to maintain recipients’ purchasing power in the face of inflation. Program payments will increase as a result.
Let’s examine how the payments are structured such that both checks come in December to gain a better understanding of the situation.
Additionally, it’s critical to understand how the COLA affects SSI benefits, which are crucial for millions of individuals facing financial hardship.
How to get two SSI checks in December?
You must consider two crucial factors in order to ensure that you receive two SSI checks in December 2024: the mode of payment and the timing.
- November check received in December. The first payment beneficiaries may get in December corresponds to the deposit scheduled for November 29, 2024. This payment is technically the payment for the month of December. Those who do not have Direct Deposit activated will get their check in early December.
- January check advanced to December. The second check will be the January 2025 SSI check , scheduled to be mailed on the 31st December 2024. This payment will include the COLA increase and will be reflected in a higher amount for beneficiaries. Those who have Direct Deposit activated will be able to access this payment on the same day of mailing, thus ensuring both checks within the month of December.
To ensure that both payments arrive in the same month and to streamline the procedure, direct deposit should be set up between the first and second checks.
If this change is not made, the beneficiaries will receive both payments in equal amounts on somewhat different dates. Having said that, you shouldn’t be concerned if you are unable to modify the payment method in time.
Why does SSI increase with the COLA?
The Social Security Administration implements the cost-of-living adjustment (COLA) annually to preserve the spending power of recipients of SSI and other comparable programs.
This change is determined using the Consumer Price Index (CPI). Price fluctuations for essential products and services are monitored by the CPI.
The COLA for 2025 will be 2.5%, meaning that SSI benefits will increase by the same amount. For instance:
- The maximum payment for individuals, which is currently $ 943, will increase to $ 967.
- For couples, the maximum amount will increase from $1,415 to $1,450.
People who rely on SSI for items like food, housing, and healthcare really benefit from these increases, despite the fact that they might not seem like much.
Furthermore, the COLA prevents benefits from gradually losing their purchasing power over time by ensuring that they maintain their worth in the face of inflation.
The fact that SSI increased as a result of the COLA demonstrates the significance of this program for the United States’ most vulnerable citizens. If beneficiaries prepare ahead and are aware of their payment schedule, they can maximize the benefits of these crucial resources, particularly during the crucial month of December.
See Also: How to Receive the Biggest Retirement Benefit from Social Security
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