The next payments are about to reach your bank account if you are a Social Security beneficiary. Get ready because this will be the last checks before 2024 arrives.
The Administration has confirmed that the first ones to receive their money will be those on Supplemental Security Income. However, there will be a change and they will not be the only ones to receive their checks on December 1.
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Apart from Supplemental Security Income recipients, seniors and people with a disability will get their Social Security. But this will only be possible if they began receiving benefits before May 1997.
Who will receive up to $914 on December 1, 2023?
The Social Security Administration has revealed that Supplemental Security Income recipients will collect 914 dollars on December 1 if eligible. Bear in mind that these payments are only possible if you have a really low income.
Despite the fact that some can collect checks worth $914, others receive an average payment of just 676 dollars. Married couples can both receive up to $1,371. Some children may also receive SSI payments if they have a qualifying disability.
Essential persons can also receive this December 1 payment. Social Security warns that their amounts are not that high. As a matter of fact, they will just receive $458.
Millions of Americans on retirement, SSDI, and SSI benefits can’t wait to collect the 2024 COLA increase. However, most of them will have to wait until January to receive extra cash. A 3.2% boost may not be enough but it will be essential for those on a really tight budget.
Will this be the last SSI payment that Social Security has scheduled for December?
SSI beneficiaries will be delighted when they learn that the Administration will send out payments on December 29 as well. This will be their January check, so they will need to save that money for the following month.
For your information, there are no bonuses or extra payments for SSI recipients. So, every time you get two payments during the same month it is because the due date is a holiday.
Social Security needs to adjust the payment schedule. In order to send money on a business day, they need to do it on December 29, rather than January 1. As it is New Year, people would not receive their money on time.
The SSI payment on December 29 will bring the new COLA increase. Social Security revealed that recipients can get up tp $1,415 if they are an eligible married couple. Single individuals can get up to $943 and up to $472 for an essential person.