Supplemental Security Income (SSI) program recipients will receive their January COLA (Cost of Living Adjustment) check on December 29th because the corresponding shipping date, i.e. the 1st, is a holiday or New Year.
If the payment date of your Social Security check falls on a Saturday, Sunday, or public holiday, benefits will be paid on the previous business day. until the expiry date. In this case, December 29th is the business day closest to the regular shipping date.
If you are an SSI beneficiary who also receives a retirement check from the Social Security Administration (SSA), this particular payment will arrive in January.
The shipping schedule depends on the birthday
The SSA is based on a calendar that focuses on the beneficiary's birthday.
Normally, The office processes rounds of payments every week and the money is shown in the accounts on Wednesdays.
According to the 2024 shipping plan published by the SSA The distribution of pension payments will continue on January 3rd.
The first Americans to receive the expanded check will be birthday children between the 1st and 10th.. Payment will be sent to this group on the second Wednesday of January. This day falls on January 10th.
Next, Beneficiaries whose birthdays are between the 11th and 20th of the respective month will receive the payment on the third Wednesdaywhich in this case corresponds to January 17th.
Finally, birthday children between January 21st and 31st will receive their first payout with the COLA increase on the fourth Wednesday in January, which is January 24th.
Social Security reported the new COLA increase of 3.2% on Oct. 12 after evaluating unemployment numbers for July through September of this year compared to the same period but last year.
The COLA number is based on the increase in the consumer price index for municipal employees and administrative employees (CPI-W).
Automatic adjustments have been made since 1975 due to the 1972 Social Security changes. Previously, benefits were increased when Congress passed special legislation.
An additional average of $50 per month for retirees
The 3.2% increase will be reflected in: an average increase of $50 extra per month for retirees.
However, The final amount each beneficiary receives depends on various factors This also includes the composition of the family.
For example, A surviving spouse (widow or widower) with two children receives an average of $3,653 per month per Social Security check as a result of the new adjustment.
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Social Security checks: On December 29th they will send the first payments with a COLA increase for 2024