Four dates stand out on the Social Security check distribution calendar in January, marking the implementation of the new 3.2% Cost of Living Adjustment (COLA) increase.
Typically, the Social Security Administration (SSA) makes the deposits every Wednesday, and in most cases, uses the beneficiaries’ date of birth to determine the schedule.
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In this case, payments will be increased due to this 2024 COLA increase.
When will payments to SSI recipients be processed?
Transfers for SSI beneficiaries are made on the first day of each month. However, due to the year-end holidays, the respective checks were processed on December 29.
This means that this payment would have already been received and the next payments on the list should now be received.
January delivery dates for the rest of Social Security beneficiaries
In January, Social Security beneficiaries will get payments according to a set schedule. On January 3rd, the first Wednesday of the month, SSA will make payments to those who deposited funds prior to May 1997.
On January 10, payments will be processed for those who pay between days 1 and 10.
On the third Wednesday, January 17, money will be sent to beneficiaries with birthdays 11 through 20.
Finally, on January 24, payments will be made for those with birthdays from the 21st to the 31st.
Beginning in January, beneficiaries will notice an increase in their monthly payments due to the cost-of-living adjustment announced last October 12 to help address the effects of inflation on retirees and other groups receiving Social Security funds.
The average increase will be reflected in an increase of $50 per month for beneficiaries. However, the final amount each beneficiary gets will vary depending on various factors, such as family composition.
COLA Notice through “my Social Security”
The Social Security Administration (SSA) has begun issuing electronic Cost-of-Living Adjustment (COLA) notices through the “my Social Security” platform for those who subscribed to the service on time.
The condition for viewing the notice electronically this month was to have an active account in the system by November 14.
Those who did not complete this process by the deadline will get the notice in the mail about the new monthly amount they will receive.
In addition, Social Security sends out postal notifications in early December informing you of the benefit update. Those with a my Social Security account can access the COLA notice online and have the option to get alerts by text message or email.
How much SSI can I get on a monthly basis?
The maximum monthly SSI payment amount for 2023 is $943 for an individual and $1,415 for a couple. However, this figure may be lower depending on your income, the income of certain family members, your living situation, and other factors.
Impact of Income on Your Payment
We reduce SSI payments by $1 for every $2 you earn at work. For SSI, work can include:
– Salaried employment.
– Self-employment.
– Any income-earning activity.
Money from non-work sources will lower payments by $1 for every $1 you get. These sources may include:
– Disability benefits.
– Unemployment payments.
– Pensions.
If you live with a spouse, the income of both spouses may affect your payment.
For children who get SSI and live with their parents, payments may be reduced based on the income of the parents or the children themselves.
All unique situations will be considered in order to provide a fair SSI payment on a monthly basis to all United States citizens in need.