The Social Security Administration has announced the next January payments. If you pay close attention to the payment schedule for the year 2024, there is no SSI check in January. But there is a reason for that.
As there is no SSI payment in January, the first payment in 2024 will be on January 3. This check is for retirees who started receiving Social Security before May 1997. After these payments, there will be three more upcoming checks.
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To be eligible you must have received benefits after or in May 1997. These payments will take place on the second, third, and fourth Wednesday in January. Therefore, the first SSI check in 2024 will arrive on February 1.
WHY IS THERE NO SSI PAYMENT IN JANUARY 2024?
If you are new to Social Security and you check the 2024 payment schedule, you may be surprised because there is no SSI check till February. However, there is nothing to worry about because the January payment will arrive in advance.
The Social Security Administration will send your SSI for January on December 29. Hence, you can take advantage of all the perks of getting your money three days before the due date. This could be a lifesaver if you have a loan to pay or a mortgage.
Bear in mind that the Administration never sends payments on a holiday. Thus, do not expect your SSI check on New Year. As it is a holiday, Social Security prefers to send your cash on a business day, rather than on that special day.
This will not be the only occasion when your SSI payment arrives before the usual due date. So, it is important to keep updated so that you can plan your monthly budget. They key to success when you are on a low income is to plan beforehand.
SSI AND MAXIMUM AMOUNTS IN 2024
December 29 will be the first payday for SSI beneficiaries with the COLA increase. After the 3.2% COLA boost the new payment amounts will be slightly higher. It may not be such a nice boost as in 2023, but it is worth getting it.
The largest SSI payment for a single person will be $943 in 2024. The current maximum amount is just $914, so Supplemental Security Income beneficiaries will receive in their bank accounts 29 extra dollars.
If you are not a single person but a married couple, you will collect a lot more. But it is true that is is for 2 people. The largest SSI check for married couples that qualify is $1,415. The maximum amount for 2023 is still $1,371.
Thus, SSI beneficiaries can get 44 dollars more per month. That is a lot of money if you live on a shoestring budget. Therefore, plan your meals and shopping list before going grocery shopping. By doing so, you can save a lot of money by not overpspending. Essential persons will get up to $472, up from $458.