The Social Security Administration (SSA) has just started sending payments in December. For example, December 1 will be payday for those on retirement benefits before May 1997. If you received disability benefits (SSDI) before May 1997, this will also be your payday.
People who receive Supplemental Security Income and Social Security also cash their checks on December 1. On the one hand, they will receive their SSI payment because it is always due on the first day of the month. On the other hand, they will get their Social Security payment.
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Despite the fact that the Administration sends retirement and SSDI checks on the 3rd day of the month, December 2023 will be an exception. As December 3 is a Sunday, they cannot process payments. Therefore, the SSA sends money on the previous business day.
WILL SOCIAL SECURITY PAYMENTS ON DECEMBER 1 BRING THE COLA INCREASE?
The Administration will not send the 2024 COLA increase on December 1. Actually, these payments will not include the Social Security boost because it will not be available for most beneficiaries until January. But there will be an exception.
The Social Security Administration has announced that Supplemental Security Income recipients will collect their 2024 COLA jump on December 29, 2023. Therefore, they will be the first beneficiaries to receive a 3.2% increase.
It is true that it will not be as much money as in 2023. Remember that the 2023 COLA boost was about 8.7%. Since it was the highest in more than 40 years, it will not be easy to have such a large boost in so little time.
However, if you are just on SSDI or retirement benefits, you will not get the COLA increase before 2024. Social Security will send the 2024 COLA in the January payments. The exact dates will be January 3, 10, 17, and 24.
HOW MUCH CAN I GET FROM THE 2024 COLA INCREASE?
This will depend on the amount of your Social Security benefits. For example, if you just receive $1,500, your January payment will be worth $1,548. Those who receive a check worth $2000 can get $2,064 in 2024.
The Administration has also revealed that the average retirement payment is $1,848 in 2023 and it will become $1,907 in 2024. Those on SSDI (disability benefits) receive about $1,489 in 2023 and their new amount will be of about $1,537 in 2024 after the COLA boost.
There are also new maximum amounts for SSI beneficiaries. The largest check they can receive will be $943 (single), $1,415 (couples), and $472 (essential persons). They can get up to 29 dollars extra per month. Retirees can get about 59 dollars on average, so they can get a larger boost.
Those who file at the age of 70 and meet the earnings and work history requirements can get up to $4,873 in 2024. Although high earned can receive such a larger Social Security check, it is very unlikely.