Supplemental Security Income (SSI) beneficiaries will receive two payments in December. Getting two checks during the same month does not mean that you are receiving additional money.
In fact, the second check will be for the month of January, but you will simply cash it in December. Social Security never sends out payments on New Year, so beneficiaries always receive them in advance. While some people do not like it, others prefer it.
Of course, this will be positive for those who are good at saving money and can stick to a monthly budget. However, if you spend your payment on the spur of the moment and are always running out of money, you should be careful.
When will Social Security send the 2 payments?
The first of the 2 SSI (Supplemental Security Income) payments will reach your bank account on December 1. Remember that the Social Security Administration always tries to send your SSI check on the first day of the month. However, this is not always possible.
As a matter of fact, if your SSI check is due on the weekend, SSA will send it on the previous business day. As far as payments on a holiday goes, it is just the same thing. The Administration prefers to send your check in advance.
This is the reason why SSI beneficiaries will cash their money on December 29 rather than on January 1. Since January 1 is New Year, all banks will be closed. So it is of vital importance to send checks 3 days in advance so that all low-income recipients can receive their money on time.
Do not forget that Americans on SSI get this supplement because their income is low. Therefore, they cannot wait to receive their payment and their finances cannot put up with delays.
How much money can SSI beneficiaries receive from each payment?
The first check on December 1 can be up to $914. This will include the 8.7% COLA increase for the year 2023. However, it will not have the 2024 COLA boost so recipients will have to wait a little to receive this extra cash.
There is one possibility to cash more money on December 1, but only if you are a married couple receiving both SSI checks. In this case, the amount of your check goes up to $1,371. A smaller check of up to $458 for essential persons is expected.
Since the December 29 payment will be for January 2024, it will bring the COLA boost. So, a 3.2% increase will be more than welcome on that payday. If you are eligible for the maximum amount, you can get up to $943 on December 29.
Eligible married couples can collect a check worth up to $1,415 from SSI. Essential persons will also enjoy a 3.2% jump. Actually, their payment will be of $472. Make sure you apply for SSI if your retirement or SSDI check is low. This is the best way to supplement your monthly earnings.
