Four dates stand out on Social security check the distribution calendar at Januarynoting implementation of the new 3.2% cost of living adjustment (COLA) is growing.
Usually, Social Security Administration (SSA) makes the deposits every Wednesday and in most cases uses the date of birth of the beneficiaries to determine the schedule.
In this case, payments will be increased due to this 2024 COLA increase.
When will payments to SSI recipients be processed?
Transfers for SSI Beneficiaries are made on the first day of each month. However, due to the year-end holidays, the relevant checks were processed on December 29.
This means that this payment would have already been received and the next payments in the list should now be received.
January delivery dates for other Social Security beneficiaries
In January, Social Security beneficiaries will receive payments on a set schedule. On January 3, the first Wednesday of the month, SSA will make payments to those who deposited funds before May 1997.
On January 10th, payments will be processed for those paying between days 1 and 10.
On the third Wednesday, January 17, money will be sent to beneficiaries with birthdays between 11 and 20.
Finally, on January 24, those with birthdays from 21 to 31 will be paid.
Beginning in January, beneficiaries will see an increase in their monthly payments due to the cost-of-living adjustment announced last Oct. 12 to help address the effects of inflation on retirees and other groups receiving Social Security benefits.
The average increase will be reflected in an increase of $50 per month for beneficiaries. However, the final amount each beneficiary receives will vary depending on various factors, such as family composition.
Notice of COLA through “my social security”
The Social Security Administration (SSA) began issuing electronic Cost of Living Adjustment (COLA) notices through the “my Social Security” platform to those who subscribed to the service in time.
The requirement to view the ad electronically this month was to have an active account in the system by November 14th.
Those who have not completed this process by the deadline will receive a notification in the mail of the new monthly amount they will receive.
In addition, Social Security mails notices in early December informing you of the benefit update. Those with a my Social Security account can access the COLA notice online and have the option to receive alerts via text message or email.
How much SSI can I receive on a monthly basis?
The the maximum monthly SSI payment amount for 2023 is $943 for an individual and $1,415 for a couple. However, this figure may be lower depending on your income, the income of certain family members, your living situation and other factors.
Impact of income on your payment
We are decreasing SSI payments with $1 for every $2 you earn at work. For SSI, work may include:
– Wage employment.
– Self employment.
– Any income-generating activity.
Money from non-work sources will reduce payments by $1 for every $1 you receive. These sources may include:
– Disability benefits.
– Unemployment benefits.
If you live with a spouse, the income of both spouses may affect your payment.
For children who receive SSI and live with their parents, payments may be reduced based on the income of the parents or the children themselves.
All unique situations will be considered to ensure a fair SSI payment on a monthly basis for all needy United States citizens.