If you receive Supplemental Security Income, another cost of living adjustment increase is coming your way. Due to high levels of inflation, the Social Security Administration has increased the COLA for 2024 by 3.2%. But unlike other Social Security recipients, you can expect to see your first COLA increase in December instead of January. We’ll explain why below.
When it’s closer to that time, you’ll be able to check your My Social Security account message center for a notice about your new benefit amount. Note that there could be another deadline for creating an account (it was Nov. 15 last year), so keep an eye out for a letter in the mail with all the details about your increase.
Everyone else who receives Social Security payments will get their first check in January 2024. Here’s why you’re getting your first increased payment in December if you receive SSI and when you can expect it. Additionally, here’s the Social Security payment schedule and Social Security Disability Insurance payment schedule. Also, here’s how much Medicare premiums and deductibles will be in 2024.
Why am I getting an SSI COLA increase in December?
The Social Security Administration follows a strict schedule when sending out monthly payments. For those who receive SSI, their payments are almost always sent out on the first of each month.
There are two reasons why your payment wouldn’t arrive on the first of any month: If the regular payment date falls on a holiday or a weekend.
In January 2024, the first of the month falls on a holiday. When this happens, the administration sends the checks earlier on the nearest business day — in this case, a Friday. So instead of receiving your January 2023 check in January, you’ll get it in December of this year.
When will I get my first SSI COLA increase payment?
If you receive SSI, you’ll get a payment on Dec. 29 with your new benefit amount. Since your first increased payment is scheduled for Jan. 1 (a holiday), you’re getting your first 2024 payment early.
What if I receive both SSI and Social Security benefits?
If you also get Social Security benefits along with your SSI, you’ll only get your increase for SSI in December. Your Social Security benefits increase will begin on Jan. 3, which falls on a Wednesday.
For more, here’s the maximum amount of Social Security benefits you can receive each month.
SOURCE : www.cnet.com