The next one payments are on their way to your bank account if you are a Social Security Beneficiary. Get ready because these will be the last checks before 2024 arrives.
The Administration confirmed that the first to receive theirs money will be those of additional insurance income. There will be a change, though, and they won’t be the only ones getting their checks on December 1st.
In addition to Supplemental Security Income recipients, the elderly and disabled will receive theirs Social security. But this will only be possible if they start receiving benefits before May 1997.
Who will get up to $914 on December 1, 2023?
The Social Security Administration revealed that Supplemental Security Income recipients will collect $914 on Dec. 1 if they qualify. Note that these payments are only possible if you have a really low income.
Despite the fact that some can collect checks worth $914, others receive an average payment of just $676. Married couples can receive up to $1,371. Some children can also get SSI payments if they have a qualifying disability.
Important persons can also get this Payment on December 1st. Social security warns that their amounts are not that high. In truth, they will only receive $458.
Millions of Americans in retirement, SSDI and SSI can’t wait to get the COLA increase for 2024. However, most of them will have to wait until January to get the extra money. A 3.2% increase it may not be enough, but it will be essential for those on a really tight budget.
Will this be the last SSI payment Social Security has scheduled for December?
SSI Beneficiaries they will be happy to know that the administration will also send payments on December 29. This will be their check for January, so they will need to save that money for next month.
FYI, there are no bonuses or additional payments for SSI recipients. So, every time you get two payments in the same month this is because the due date is a holiday.
Social security must adjust the payment schedule. To send money on a business day, they must do so on December 29th, not January 1st. Since it is New Year, people will not get their money in time.
The December 29 SSI payment will bring the new COLA increase. Social Security revealed that recipients could receive up to $1,415 if they are an eligible married couple. Single individuals can receive up to $943 and up to $472 for a significant other.