Social Security has revealed the new payment schedule for December. If you have a close look at it, you can realize that there will be a total of five payments, adding the SSI which was already sent. Generally, there are just five payments, so that is something striking at first glance, because we get an extra payment in this December.
When there is a higher number of payments, this is due to one obvious reason. And this is not because of an extra or bonus check. As a matter of fact, it means that Social Security is sending a check before the due date. New Year should be the first SSI payday of the year, but it is a holiday.
The Social Security Administration only sends money on business days. So, that is why you may receive your Supplemental Security Income on December 31 instead of January 1, 2025. What is more, they will take advantage of this and they will be the first beneficiaries to get the 2.5% COLA increase, and in 2024.
When will retirees & SSDI recipients get the Social Security Increase?
If you are on retirement or SSDI benefits, you can get the Social Security boost on 4 different paydays. January 3 will be the first day when retirees can collect their new monthly checks worth up to $5,180. Although on average, it may be about $1,907 as stated by the Administration on its latest COLA Fact Sheet.
For your information, the retirees and people on disability benefits who can receive their Social Security on January 3 must meet one requirement. The condition is that they must have received Social Security before May 1997.
Therefore, if you started receiving Social Security after or from that day onward, you will not get the money on that day. Those who do not qualify for the January 3 payment will have another opportunity on January 10, 2024.
Do not forget that Social Security pays SSDI (disability benefits) and retirement benefits on the same day. As long as you have filed and qualified, you may have the same payday.
Who will receive the Social Security boost on January 8, 15 and 22?
If your birthday falls between the 1st and the 10th of the month, mark January 8th, 2024, on your calendar because that’s when you’ll receive your monthly payment with a nice increase. The earlier your birthdate, the earlier you’ll get your money.
For those of you whose birthdays fall between the 11th and the 20th, January 15th is your payday. You’ll enjoy a 2.5% increase in your check, which is better than the usual COLA. This extra money may not be a lot, but it’ll help you maintain your purchasing power. And don’t forget, the last payment in December will include the 2025 COLA.
If your birthdate is from the 21st to the 31st, you’ll have to wait until January 22th to receive your payment. It might not be the average payment, but these new checks will put a smile on your face.