Getting two payments from Social Security during the same month sounds perfect. But it is always advisable to be careful and plan everything beforehand to avoid making financial mistakes.
Despite the fact that some beneficiaries can get two checks during December, they need to know that the second one is not additional cash. In fact, it is an advanced payment from the Social Security Administration.
Still, getting your money three days in advance could be advantageous. Especially if you need to pay a loan or a debt and you are short of money. Default if the last thing you want when it comes to money matters.
Who will receive two payments from Social Security in December?
Supplemental Security Income (SSI) beneficiaries will cash two checks in December. The first check that the Administration will send will be in your pocket on December 1, 2023.
The January 1 SSI check will not be sent on that day because it is a holiday. Therefore, Social Security has rescheduled that payment and will send it on December 29.
Bear in mind that Social Security will always send money on a business day. Usually, SSA will send it on the previous business day. In this case, it is a Friday. But it could be a different day of the week.
Do not make the mistake of thinking that this is a bonus payment and spend the money on things you do not need. Overspending your SSI payment may not be a wise idea since saving is key when there is a limited budget.
Do the two SSI payments from Social Security in December have the same amount?
No, the first SSI payment is for the year 2023. Thus, it will only have the 2023 COLA increase. It was an 8.7% increase, so it is much higher than the 3.2% boost for 2024.
While the first SSI payment will not have the 2024 COLA, the second one will. Social Security has announced that SSI recipients can collect a check worth up to $943 in 2024.
Couples who qualify can receive checks of up to $1,415, up from $1,371. Essential persons get a smaller and different maximum amount too. Their Social Security checks are just $458 in 2023.
The new maximum amount for essential persons on SSI is $472 in 2024. If you are not good at dealing with money, make sure you plan a monthly budget to avoid wasting cash.
Take your shopping list with you and stick to it. Never use credit cards so you can make the most of your Social Security payments. Using cash instead of debit or credits cards is vital too. By doing so, you will know where your SSI money is going and how much.
