Social Security Beneficiaries Will Receive Two Payments in December. Social Security beneficiaries are in for a double payday this December, with two separate payments scheduled to ease financial strains. Knowing the payment schedule is crucial for effective financial planning and ensuring that needs are met while also saving some cash.
[irp]December Payment Schedule
The Social Security Administration (SSA) will initiate payments to eligible recipients in the United States, with the first payment slated for December 1 and the final one due on December 29.
Additional paydays in December include the 13th, 20th, and 27th. It’s essential to note that individuals can only receive Social Security funds if they have successfully filed and had their applications approved by the SSA.
Dual Payments for Specific Recipients
The first payday in December caters to two distinct groups of beneficiaries: Supplemental Security Income (SSI) recipients and retirees who began receiving Social Security before May 1997.
SSI beneficiaries will receive their payment on December 1, while the latter group will also get their checks on the same day.
Collecting Two Payments in December
SSI beneficiaries will enjoy the unique advantage of receiving two payments in December – one on the 1st and another on the 29th. This dual payment is not an extra or bonus; rather, it’s the SSA’s method of handling payments when a payday falls on a holiday, such as New Year’s.
Ensuring that beneficiaries receive their money a few days before the holiday helps prevent any delays, a critical consideration for those on low incomes who depend on timely payments.
[irp]COLA Boost and January Payment
The December 29 payment will not only include the COLA (Cost of Living Adjustment) boost but will also serve as the January payment for SSI beneficiaries.
While other Social Security recipients will have to wait until January to experience the boost, SSI beneficiaries will enjoy this increase in the December 29 payment.
This timing is particularly fortunate, considering the financial strain many Americans may experience after covering Christmas expenses.
Understanding the Increase in SSI Benefits
The 2024 COLA will result in a 3.2% increase in SSI benefits. In 2023, a single person eligible for SSI could receive up to $914.
Following the December 29 payment, the new maximum amount for SSI recipients will be $943. However, the average SSI check is $676, emphasizing the financial challenges faced by many recipients.
For couples receiving Supplemental Security Income, the maximum check in 2024 will be $1,415, up from $1,371. Those eligible for the maximum amount can anticipate receiving $2,786 in December.
Additional Financial Assistance
Encouraging individuals with low Social Security benefits to apply for SSI, explore SNAP benefits, and consider WIC for women with children who receive SSI.
These avenues provide opportunities to access additional funds and support vital needs, including purchasing healthy food.
[irp]Conclusion
December brings a financial boon for Social Security beneficiaries, particularly SSI recipients, with two payments and a COLA boost. Timely planning is essential for those navigating limited incomes during the holiday season.
