If you are a Supplemental Security Income (SSI) recipient, a cost-of-living adjustment increase awaits you. Due to elevated levels of inflation, the Social Security Administration has implemented a 3.2% COLA for 2024. However, unlike other Social Security recipients, you will likely experience your first COLA increase in December rather than January. Here’s why.
As the date approaches, you can check the message center in your ‘My Social Security’ account to get a notification about your new benefit amount. Keep in mind that there may have been a prior deadline for setting up an account (which occurred on November 15 of last year), so keep an eye out for a letter in the mail with all the details about your increase.
All other Social Security beneficiaries will get their first increased payment in January 2024. Below, we explain the reason behind receiving your first enhanced payment in December if you are a Supplemental Security Income beneficiary and when you can expect it. In addition, we provide you with the Social Security payment schedule and the Social Security Disability Insurance payment schedule. Also, you will find information on the cost of Medicare premiums and deductibles in 2024.
Why am I getting an SSI COLA increase in December?
The Social Security Administration maintains a strict schedule for issuing monthly payments. Generally, Supplemental Security Income (SSI) recipients get their payment on the first day of each month.
There are two reasons why your payment might not arrive on the first day of each month: if the regular payment date falls on a holiday or weekend.
In January 2024, the first day of the month falls on a holiday. When this happens, the administration advances the check mailings to the nearest business day, which in this case is a Friday. So instead of getting your January 2023 check in January, you will get it in December of this year.
When will I get my first payment from my SSI COLA increase?
If you are an SSI recipient, your payment with your new benefit amount will be made on December 29. Since your first payment with the increase is scheduled for January 1 (a holiday), you’ll get your first payment of 2024 early.
What if I’m getting both SSI and Social Security benefits?
If you are getting Social Security benefits along with your SSI, you will only get the SSI increase in December. The increase in your Social Security benefits will start on January 3, which is a Wednesday.