Good news for Supplemental Security Income (SSI) recipients! A significant cost of living adjustment (COLA) is on its way, set to take effect at the end of 2024.
This substantial increase is a response to the persistently high levels of inflation, and it stands at an impressive 3.2%.
Unlike other Social Security beneficiaries, who usually receive their COLA adjustments in January, SSI recipients can expect to see their first increase in December.
The Social Security Administration, responsible for administering SSI and other Social Security programs, adheres to a strict schedule for sending out monthly payments.
Typically, SSI payments are disbursed on the first of each month. However, two exceptions can cause deviations from this schedule: holidays and weekends.
In January 2024, the first of the month falls on a holiday, so SSI recipients will receive their increased payments earlier.
To ensure timely disbursement, the Social Security Administration will send out the prices on the nearest business day, which in this case is a Friday.
Consequently, instead of waiting until January for their COLA-adjusted payment, SSI beneficiaries will enjoy an early boost to their income in December 2024.
If you receive SSI, you can anticipate your first increased payment with the new benefit amount on December 29, 2024.
This earlier payment is made to account for the fact that January 1, 2024, is a holiday, and regular payments cannot be made on that date.
The holiday, in this case, is New Year’s Day. So, the Social Security Administration ensures SSI beneficiaries start the year with enhanced financial support.
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SSI and Social Security Benefit Increases in 2024
It’s important to note that if you also receive Social Security benefits in addition to SSI, your SSI increase will take effect in December, while your Social Security benefits increase will begin on January 3, 2024, which falls on a Wednesday.
To stay informed about your specific benefit amount and the payment schedule, keep an eye on your My Social Security account message center.
Here, you will receive notices about your new benefit amount and any other important information regarding your benefits.
Additionally, be on the lookout for any correspondence from the Social Security Administration, which may include important details about your COLA-adjusted payment.
The 3.2% cost of living adjustment for SSI recipients in December 2024 is a welcome relief for those who rely on these benefits to make ends meet.
The Social Security Administration’s proactive approach to adjusting the payment schedule to accommodate the New Year holiday ensures recipients receive much-needed financial support without delay.
This early increase in benefits will go a long way in helping SSI beneficiaries cope with rising living costs, especially in the face of inflation.
Keep an eye on your My Social Security account and any correspondence from the administration to stay updated on the specifics of your benefit increase.
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Source: CNET
