Throughout the year, the Social Security Administration sends out a large number of checks to United States citizens. These checks are for all kinds of families, and getting one of them depends on whether or not you qualify.
But having each of these payments does not mean having a regular Social Security check. Sometimes we might get one payment a month, sometimes we might get two, and if we have a retirement payment we might even get three in the same month.
And among those exceptions is the month of December, where at the end of the month we will get an extra benefit. If we are Supplemental Security Income beneficiaries we will enjoy a check that will arrive before the year 2024 begins.
However, not all the beneficiaries of this benefit will be able to enjoy this extra check. Whether or not we get the money immediately depends directly on the payment method we choose. If we do not choose the fastest collection method, it will take several days for the Social Security money to appear.
WHICH FAMILIES CAN GET THE EXTRA SOCIAL SECURITY PAYMENT ON DECEMBER 29TH?
The Social Security payment will arrive next December 29th for thousands of American families. However, we must meet all the requirements if we want to get this payment on December 29th itself.
In order to be eligible for this benefit, two main requirements must be met. The first requirement is to have your Supplemental Security Income accepted in advance. If our payment is in the process of being accepted, we will not be able to get it directly, but will have to wait until the payment is fully accepted.
On the other hand, the extra requirement is to have Direct Deposit activated. This is the fastest method of payment for Social Security checks and thanks to it our Supplemental Security Income payment will appear immediately without having to wait a single day.
While it is true that the payment will arrive a few days after Christmas, it is also true that the payment will appear in the bank account before the end of the year. Therefore, Americans who are still on vacation will be able to enjoy this benefit during these days.
WHAT WILL BE THE MAXIMUM AMOUNT OF SUPPLEMENTAL SECURITY INCOME IN 2024?
The Social Security Supplemental Security Income payment will no longer have a maximum check of $914 per month. Thanks to COLA 2024, this benefit payment will go to a maximum of $943. That may not seem like a lot of extra money in one month, but over the course of the year it will add up to a lot more overall.
Likewise, all other Social Security checks will also increase in the coming year. Any benefit, disability or otherwise, will increase by 3.2% starting in January 2024.
For every $1,000 we collect in 2023 we will get $1,032 in the next year. This is good news, but for some it may mean the loss of extra checks such as Supplemental Security Income as they have a higher monthly income, so we should watch out for these requirements.