Millions of Americans on Social Security benefits are looking forward to receiving the 2024 COLA increase. It could be misleading because the new COLA comes into effect on the payment that beneficiaries receive next January 2024.
However, not all Social Security payments arrive on the same date. What is more, there might be exceptions and the Administration may send your check before you usually receive it.
This is what will actually happen next December. But first, let us see the way Social Security has arranged payments for January 2024. Looking at the SSA payment schedule, there are only 4 payments during the month of January.
WHICH PAYMENTS WILL TAKE PLACE IN JANUARY 2024 FROM SOCIAL SECURITY?
As a matter of fact, there will be paydays on January, 3, 10, 17, and 24. Therefore, one payment is missing. Because there is usually a Supplemental Security Income payment on the first day of the month.
4 Social Security payments during January 2024Social Security has scheduled the January 1, SSI payment for December 29, 2023. Consequently, beneficiaries of the Supplemental Security Income will be the first Americans to get the 2024 COLA increase from SSA.
The reason to send this SSI payment so early is the fact that January 1 is a holiday. Banks are not open on that day, so it is best to send your SSI check three days before to be on time.
What is more, this SSI payment in December will help beneficiaries pay the expenses extra for New Year’s Eve. Thanks to the 3.2% COLA jump, SSI recipients will cash up to $943 if single. Married couples who are eligible for SSI up to $1,415 and essential persons up to $472.
WHICH BENEFICIARIES WILL RECEIVE SOCIAL SECURITY PAYMENTS AFTER DECEMBER 29?
The following payments will be for retirement and SSDI beneficiaries. On January 3, there will be checks of up to $4,555. But the average check for retirement will be about $1,899.
Thanks to the COLA increase, the average check as of September 2023 will go up by $58. Thus, it is about $1,841 now. If you are on SSDI, you may get an average check of about $1,533.
Eligible recipients must have filed for Social Security before May 1997, or else, they will have to wait for the next round of checks. Following the January 3 payment, there will be another one on January 10 for those whose birth date is during the first 10 days of the month.
Of course, you must have filed for Social Security first, but not before May 1997. Then, recipients whose birthday is after the tenth and up to the twentieth will get their money on January 17, 2024. The last chance to cash a check of up to $4,555 that month will be on January 24, 2024.
#ICYMI More than 71 million Americans will get a 3.2% increase in monthly #SocialSecurity benefits and #SSI payments in 2024. For more info, visit our blog here: https://t.co/2RWlgZ4aL7 #COLA #2024COLA pic.twitter.com/NOY8PDiF8m
— Social Security (@SocialSecurity) October 14, 2023
Once more, your birthday is essential. If your birth date is after the 20th and up to the last day of the month, you will cash your retirement or SSDI check on January 24. Contact SSA for anything you need regarding benefits and watch the video to see how.