2024 Social Security Payment Schedule and Increase: What You Need to Know

The Social Security Administration (SSA) is sending the last payments for this year before beginning to send the increased payments for 2024.

Like every month, the SSA is responsible for sending benefits to retired workers, as well as checks for survivors and disability benefits, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). .

This is the Social Security payment schedule

According to the SSA schedule, Supplemental Security Income (SSI) payments are sent out on the first day of each month. On the third day of each month, the SSA sends the money to beneficiaries who began receiving their payments before May 1997.

For those who collect Social Security benefits (retirees or survivors) and SSI at the same time, the SSI payment is sent on the first day of the month and the Social Security payment is sent on the third day. The rest of the Social Security checks are sent on Wednesdays, depending on the beneficiaries’ date of birth:

• Second Wednesday of the month: retirees with a date of birth between the 1st and 10th
• Third Wednesday: beneficiaries born between the 11th and 20th
• Fourth Wednesday: retirees born between the 21st and the 31st

If any payment date falls on a federal holiday or weekend, payment is advanced to the first preceding business day.

Social Security: Who receives their payment on December 27?

According to the SSA, this year, average payments for retired workers have been $1,848 a month. Following the payment schedule, money has already been sent for SSI beneficiaries and those who began receiving their payments before May 1997, as well as checks for beneficiaries with a date of birth between the 1st and 10th and those who were born between the 11th and the 20th.

On the other hand, on December 27, money is sent to beneficiaries with a date of birth between the 21st and 31st.

Depending on the option chosen by beneficiaries, payments are sent via direct deposit or via mail in a paper check, both of which take longer to arrive.

SSA will send a second SSI payment in December

On December 29, the SSA will send another payment to Supplemental Security Income (SSI) recipients. This is the check corresponding to the month of January 2024, whose sending is advanced because January 1 is a holiday.

As it is the first payment of next year, it will already have the respective increase in the cost of living adjustment (COLA), which is 3.2%.

With this 3.2%, the standard federal SSI payment will increase by $29, from $914 to $943 for individuals, while couples will see an increase of $44, from $1,371 to $1,415 per month.

You may be interested in: Social Security: What is the final payment schedule for 2024?

2023-12-25 18:37:30
#receives #Social #Security #December