Social Security benefits are for more than 70 million recipients in the United States. More and more retirees rely on these payments to make ends meet. Even if it is just meant to be a supplement to their savings and investments, it is becoming essential.
There are millions of seniors who fear not receiving or even losing their Social Security benefits. The main reason to lose them is the fact that they are incarcerated or go to prison. It does not matter if it is a prison or a similar institution. Of course, there will not be many seniors who go to jail and lose their Social Security payments while they are there.
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However, there will be a larger group of retirees who are not going to receive more payments in December. Please don’t panic, this is simply because they have already gotten their money in December and will have to wait until January to cash their checks. These are the new paydays in 2024.
WHO WILL NOT RECEIVE MORE SOCIAL SECURITY PAYMENTS IN DECEMBER 2023?
Seniors on Social Security benefits before May 1997 will not get more payments in December. Actually, they received their money on December 1. So it will be January 3 when they collect their new payment in 2024.
Seniors on retirement benefits who got their Social Security payment on December 13 will not get their next check in 2023. As a matter of fact, their next check will arrive on January 10. This is because their birthday is from the 1-10 and they always get their money on the second Wednesday of the month.
The good thing and the good news is that there are 3 more payments in December. There will be one retirement check arriving on December 20. This will be yours if you did not qualify for the December 1 retirement check and if your birthday is from the 11-20.
Another possibility is to receive a check on December 27. If you were not entitled to the December 1 retirement payment and your birthday si from the 21 – 31, it will be yours. The amounts of the previously mentioned Social Security checks are $1,849 on average.
WHO CAN ALSO RECEIVE A PAYMENT IN DECEMBER 2023?
If you did not qualify for the missing retirement benefits, you may still have a chance to get another payment. Supplemental Security Income checks will arrive on December 29. This is because New Year is a holiday.
Hence, the Social Security Administration prefers to send the money on a business day. Even if the usual day to cash SSI payments is the first day of the month, it will be an exception. Remember that SSI payments on December 29 will bring the new COLA increase.
Therefore, these beneficiaries will get 3.2% more in their December 29 SSI payment. This means they will get up to $943, up from $914. Married couples can get higher payments worth $1,415.
If you are on Social Security retirement benefits you will have to wait until January 3, 10, 17, and 24 to collect a 3.2% more. The new average payment will be about $1,907 in 2024, up from $1,948