The updated Social Security payment schedule for December has been made public. Upon closer inspection, you will see that, in addition to the SSI that has already been sent, there will be five payments in all.We receive an additional payment in December, which is noteworthy at first glance because there are typically only five payments.
There is one clear explanation for why there are more payments. Furthermore, this isn’t the result of a bonus or additional check. In actuality, it indicates that Social Security is issuing a payment ahead of schedule. Although New Year’s is a holiday, it should be the first SSI payout of the year.
Money is only sent by the Social Security Administration on business days. For this reason, your Supplemental Security Income may be paid on December 31 rather than January 1, 2025. Furthermore, they will also benefit from this and be the first to receive the 2.5% COLA rise in 2024.
When will retirees & SSDI recipients get the Social Security Increase?
You can receive the Social Security raise on four separate paydays if you are receiving retirement or SSDI benefits. Retirees will be able to pick up their new monthly checks, which are worth up to $5,180, on January 3. According to the Administration’s most recent COLA Fact Sheet, it might be around $1,907 on average.
Just so you know, persons on disability benefits and retireesThere is a prerequisite for those who are eligible to receive their Social Security benefits on January 3. They must have received Social Security benefits prior to May 1997 in order to qualify.
You will therefore not receive the money on that day if you began receiving Social Security later or from that day on. On January 10, 2024, those who are not eligible for the January 3 payout will have another chance.
Remember that Social Security pays retirement payments and SSDI (disability benefits) on the same day. You might receive the same payout if you qualified and filed.
Who will receive the Social Security boost on January 8, 15 and 22?
Mark January 8, 2024, on your calendar if your birthday occurs between the first and the tenth of the month. This is because you will receive your monthly payment with a handsome increase on that date. You will receive your money sooner if your birthdate is earlier.
Payday is January 15th for those of you whose birthdays fall between January 11 and January 20. Your check will increase by 2.5%, which is better than the typical COLA. Even if this additional cash isn’t much, it will help you keep your purchasing power. Remember that the 2025 COLA will be included in the final paycheck in December.
You won’t get paid until January 22nd if your birthday falls between January 21st and January 31st. These new checks will make you grin even though they may not be the typical payment.
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.