About 1 in 10 Social Safety recipients will obtain a double December fee, with their second month-to-month examine arriving on December 29. 

That is due to a quirk within the system for the Social Safety Administration’s Supplemental Safety Revenue (SSI) program, which gives help for disabled folks and older People with low incomes. 

Usually, SSI recipients obtain their funds on the primary of every month, which suggests this system’s 7.5 million enrollees obtained their December fee on December 1. However as a result of January 1 is a vacation, SSI recipients are getting their January examine on the final weekday earlier than the New Yr, with deposits touchdown on December 29. 

SSI recipients will get one other bonus with their December 29 fee: Their 2024 cost-of-living adjustment will likely be included within the examine.

The 2024 cost-of-living adjustment, or COLA, is ready for a 3.2% enhance, marking the smallest enhance in three years. That is as a result of the COLA relies on the inflation price, which has been quickly cooling within the face of the Federal Reserve’s regime of rate of interest hikes. 

The typical SSI examine will rise to $943 per thirty days in 2024l, up from $914 per thirty days in 2023, in keeping with the Social Safety Administration.

Social Safety fee schedule 2024

Whereas the brand new COLA enhance takes impact with December advantages, these funds will attain most recipients in January, except for SSI recipients, in accordance to the Social Safety Administration. 

With the rise, the common retirement profit examine will go up about $60 per thirty days, rising to $1,907 from this yr’s $1,848, the company mentioned.

Right here is the fee schedule for the primary 2024 checks reflecting the brand new COLA.

• Dec. 29, 2023: The advantages hike for the nation’s 7.5 million SSI recipients will start on at the present time. Usually, SSI funds are issued on the primary of every month, however as a result of January 1 is a vacation, recipients will get their funds on the Friday earlier than January 1. 
• Jan. 3, 2024: In case you began claiming Social Safety earlier than Might 1997 or if get each Social Safety and SSI advantages, you may get the brand new COLA in a Dec. 29, 2023 examine and your Social Safety fee on January 3.
• Jan. 10, 2024: In case your birthday falls between the first to the the tenth day of your delivery month, that is once you’ll get your first profit examine with the brand new COLA. As an example, in case your birthday is June 1, you may receives a commission on at the present time.
• Jan. 17, 2024: In case your birthday falls between the eleventh to twentieth day of your delivery month, you may get your increased fee on at the present time.
• Jan. 24, 2024: In case your birthday falls between the twenty first to thirty first of your delivery month, your profit examine will replicate the brand new COLA on at the present time.