The updated December payment schedule for Social Security 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. Since there are typically just five installments, the fact that we received an additional payment this December is startling at first glance.
One clear factor is the cause of a higher number of payments. And no bonus or extra check is to blame for this. Actually, it indicates that a cheque from Social Security is being sent out ahead of schedule.
Although it is a holiday, the first SSI payout of the year should occur in the New Year.
Money is only sent by the Social Security Administration on business days. Because of this, you might get your Supplemental Security Income on December 31 rather than January 1, 2025.
Additionally, they will benefit from this and be the first recipients of the 2.5% COLA rise in 2024 when it occurs.
When will SSDI recipients and retirees receive their Social Security increase?
The Social Security boost might be received on four separate paychecks if you are receiving SSDI or retirement benefits. The new monthly checks for retirees up to $5,180 will be available for pickup on January 3. On average, however, it might be around $1,907, according to the Administration’s most recent COLA Fact Sheet.
Just so you know, there is a criteria that retirees and those receiving disability benefits must fulfill in order to be eligible to receive their Social Security on January 3. They have to have been enrolled in Social Security prior to May 1997.
You will thus not receive the money on that day if you began receiving Social Security after that day or from that point on. There will be another chance on January 10, 2024, for those who are not eligible for the January 3 payout.
Remember that SSDI (disability benefits) and retirement payments are paid by Social Security on the same day. If you qualified and filed, you might receive the same amount of money.
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Who will get the January 8, 15, and 22 Social Security boost?
You will receive a big rise in your monthly payment on January 8, 2024, so mark that date on your calendar if your birthday comes between the first and the tenth of the month. Your money will arrive sooner if your birthdate is earlier.
January 15th is your payday if your birthday falls between January 11th and January 20th. You will benefit from a 2.5% check rise, which is greater than the typical COLA. Even while it might not seem like much, this additional cash will help you keep your spending power.
Additionally, remember that the 2025 COLA will be included in the last payment in December.
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If you were born between January 21 and January 31, you will not be able to get your money until January 22. These new checks may not be the typical payment, but they will make you happy.