The Social Security Administration (SSA) is known for providing ample support to U.S. citizens, and one of its monthly payments, Supplemental Security Income (SSI), will double this month for a special reason.
The Social Security Administration (SSA) maintains a strict schedule for the distribution of monthly payments, with the first of each month being the usual date of issuance for Supplemental Security Income (SSI) beneficiaries. In the case of December, the first payment has already been issued, but the second payment, scheduled for December 29, presents particularities linked to the holiday of January 1, 2024.
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This adjustment in the date of the second payment is intended to avoid possible delays due to the New Year’s holiday, ensuring that Americans receiving SSI do not experience delays in receiving their funds. It is important to note that this practice does not involve additional income, but rather constitutes an advance payment that is made on the last business day of the previous month when the 1st coincides with a holiday or weekend.
Why is there an additional SSA payment in December?
The decision to advance the second payment in December is influenced by the high levels of inflation. In response to these, the Social Security Administration has applied a 3.2% Cost of Living Adjustment (COLA) for 2024. This increase will be reflected in the second payment in December, allowing beneficiaries to adjust to changes in the cost of living in the United States.
#BREAKING! More than 71 million Americans will get a 3.2% increase in monthly #SocialSecurity benefits and #SSI payments in 2024. Check our blog for more information: https://t.co/2RWlgZ3CVz #COLA #2024COLA pic.twitter.com/y7F19zqFWz
— Social Security (@SocialSecurity) October 12, 2023
Regarding the receipt of two payments per month, it is crucial to understand that this is not additional income; it is simply an anticipatory practice to ensure timely availability of funds. In the context of December 2023, this advance seeks to offer those who rely on the SSI program a smooth transition into the new year by providing financial security from the beginning of 2024.
In summary, advancing the second December payment is justified by logistical considerations related to holidays and weekends, as well as the need to adjust to changes in the cost of living. This approach by SSA reflects its commitment to efficiency in distributing funds and adapting to changing economic conditions.