The Social Security Administration has informed SSI beneficiaries about their next check. Thankfully, the next Supplemental Security Income will bring the 2024 COLA increase.
Even if SSI beneficiaries collect their money on December 29, 2023, it is the January payment. Therefore, it must include the latest cost of living adjustment. Regardless of the amount of your check, you will receive 3.2% more.
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The thing is SSI recipients get the smallest checks. Especially if you are a single person and you have other earnings. So, only those who qualify for larger amounts will get more dollars with this new increase.
WHICH COUPLES WILL RECEIVE $1,415 ON DECEMBER 29?
Couples who qualify for SSI and get $1,371 in 2023 will get $1,415 from December 29, 2023. Remember that you must both qualify for Supplemental Security Income to qualify for these checks. Having a disability, being older than 65, or being blind, plus having a low income are the main requirements.
If you are a single person receiving SSI you can collect a payment of up to $943. On December 1, 2023, the largest amount was $914. So, as you can see, the largest payment for a single person has gone up by 29 dollars.
Essential persons can also receive Supplemental Security Income. Therefore, they will also collect a higher payment from December 29, 2023. As a matter of fact, their new amount will be $472.
Average payments are not as high as maximum amounts. When beneficiaries have other sources of income, their SSI checks get a reduction. The reason for this is that it is a payment for Americans on a low income. SSA claimed that as of November 2023, average payments were $673.86 for all recipients.
SSI PAYMENTS AFTER DECEMBER 29
For your information, the Social Security Administration has confirmed next year’s SSI payments. Hence, you can see when your future checks arrive as long as you remain eligible.
Remember that if you get married your financial situation may improve. Then, you may no longer qualify for Supplemental Security Income and you should report it to the Administration.
SSI payments will arrive on the first day of the month in February, March, April, May, July, August, October, and November. So, there will be 4 exceptions and you will get your payment on a different day sometimes. The January payment will be on December 29. Besides, the one in June will be on May 31, 2023.
The one in September will be on August 30. Finally, the December SSI check will reach your bank account on November 29, 2024. Apply for Supplemental Security Income if you need more money and have a low income.