recipients will have to wait until February for their SSI

The Social Security Administration announced next January payments. If you pay close attention to the 2024 payment schedule, there isn’t SSI inspection in January. But there’s a reason for that.

Because there isn’t SSI payment in January, the first payment in 2024 will be on January 3. This check is for retirees who started receiving Social Security before May 1997. After these payments, there will be three more checks due.

To be eligible, you must have received benefits on or after May 1997. These payments will be made on the second, third and fourth Wednesdays in January. Therefore, the first SSI check in 2024 it will arrive on February 1.

WHY NO SSI PAYMENT IN JANUARY 2024?

If you’re new to Social Security and check out the 2024 payment schedule, you might be surprised because there no SSI check until February. There’s nothing to worry about, though, because the January payment will arrive in advance.

SSI and the January payment in December 2023
SSI and the January payment in December 2023

The Social Security Administration will send you one SSI for January on 29 December. Therefore, you can take advantage of all the benefits of getting yours money three days before the due date. This can be a lifesaver if you have a loan to pay or a mortgage.

Note that the administration never sends payments on a holiday. So don’t expect yours SSI check on New Year’s. Because it’s a holiday, Social Security prefers to send your money on a business day rather than on this special day.

This won’t be the only time your SSI payment arrives before the usual time. That’s why it’s important to stay updated so you can plan your monthly budget. The key to success when you’re on a low income is to plan ahead.

SSI AND MAXIMUM AMOUNTS IN 2024

December 29th will be the first paycheck for SSI recipients with a COLA increase. After the 3.2% COLA increase, the new payment amounts will be slightly higher. It might not be as good a boost as in 2023, but it’s worth getting.

The largest single SSI payment will be $943 in 2024. The current maximum is only $914, so Supplemental Security Income recipients will receive an extra $29 in their bank accounts.

If you are not a single person, but a married couple, you will collect much more. But it is true that it is for 2 people. The largest SSI check for eligible married couples is $1,415. The maximum for 2023 is still $1,371.

So SSI recipients can get $44 more per month. That’s a lot of money if you’re living on a tight budget. So plan your meals and shopping list before you go shopping. This way, you can save a lot of money by not overdoing it. Essential workers will get up to $472, up from $458.

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