Supplemental Security Income (SSI) beneficiaries will receive two payments in December. Getting two checks in the same month doesn’t mean you’re getting extra money.
Actually the second checking it will be for the month of January, but you will simply redeem it in December. Social Security never sends payments on New Year’s Day, so beneficiaries always receive them in advance. While some people dislike it, others prefer it.
Of course, this will be positive for those who are good at saving money and can stick to a monthly budget. However, if you spend your payment at a moment’s notice and you always run out of money, you have to be careful.
When will Social Security send the two payments?
The first of the 2 SSI (Supplemental Security Income) payments will reach your bank account on December 1st. Remember that the Social Security Administration always tries to send your SSI check on the first day of the month. However, this is not always possible.
As a matter of fact, if your SSI checking must be over the weekend, SSA will send it the previous business day. To what extent payments goes on holiday, it’s exactly the same thing. The administration prefers to send your check in advance.
This is the reason SSI Beneficiaries will cash out on December 29th, not January 1st. Since January 1st is New Year’s Day, all banks will be closed. Therefore, it is vital that you send checks 3 days in advance so that all low-income recipients can receive their money on time.
Remember that Americans on SSI receive this supplement because their incomes are low. Hence, they can’t wait to get theirs payment and their finances cannot accept delays.
How much money can SSI beneficiaries receive from each payment?
The first check on December 1 can be up to $914. This will include the 8.7% COLA increase for 2023. However, there will be no COLA increase for 2024, so recipients will have to wait a bit to get that extra money.
There is one opportunity to cash in more money on December 1st, but only if you are a married couple receiving both SSI checks. In this case, your check totals up to 1371 dollars. Smaller check to $458 for essential persons is expected.
Since the December 29 payment will be for January 2024, it will bring a COLA increase. So a 3.2% increase will be more than welcome on this payday. If you qualify for the maximum amount, you can receive up to $943 on December 29th.
Eligible married couples can receive a check worth up to $1,415 from SSI. Essentials will also enjoy a 3.2% jump. In fact, their payment will be $472. Make sure you apply for SSI if your retirement or SSDI check is low. This is the best way to supplement your monthly income.