A boost amid inflation
In December 2023, Supplemental Security Income (SSI) recipients in the United States can expect a double payout. The Social Security Administration (SSA) has implemented a new cost of living adjustment (COLA) of 3.2 percent for 2024 due to rising inflation rates. What’s unique is that this increase will be reflected in payments in December 2023, a month earlier than the standard January adjustment for other Social Security recipients.
The notification process
To stay informed of the new benefit level, recipients are encouraged to check their My Social Security account’s message center. However, since the account creation deadline is November 14th, those who missed that deadline should expect to receive a detailed letter in the mail explaining the increase. The SSA adheres to a strict payment schedule and typically sends out payments for SSI recipients on the 1st of each month, unless that date coincides with a holiday or weekend.
The timing dynamics
For SSI recipients, the payment date of January 1, 2024 is considered a holiday. Therefore, to avoid delays, SSA is distributing the January 2024 payment on December 29, 2023. This will ensure that beneficiaries receive their increased payments promptly, especially given the holidays. It is important to note that those receiving both SSI and Social Security benefits will not see the SSI increase until December, while the Social Security benefit increase will begin on Wednesday, January 3, 2024.
December is proving to be a financially lucky month for Supplemental Security Income (SSI) recipients in the United States. The Social Security Administration (SSA) has implemented a notable cost of living adjustment (COLA) of 3.2 percent for 2024 in response to the ongoing challenge of rising inflation. What’s special about this adjustment is its early implementation, with beneficiaries seeing their payments increase in December 2023, one month ahead of the traditional January adjustment for other Social Security recipients.
To ensure recipients are aware of this increase, the SSA recommends individuals check the message center of their My Social Security account. However, for those who missed the November 14th account creation deadline, a detailed letter will be mailed explaining the details of the increase. Following a strict payment schedule, the SSA typically releases payments to SSI recipients on the 1st of each month. Exceptions only exist if the regular payment date coincides with a holiday or weekend.
In managing holiday dynamics, SSA is strategically addressing the payment date of January 1, 2024, which is considered a holiday. To avoid delays in payments, the administration will ensure that the January 2024 payment reaches recipients on December 29, 2023. This proactive measure ensures that beneficiaries receive their increased payments promptly, taking into account the holiday timing.
It is important to note that the December increase applies exclusively to SSI payments when individuals receive both SSI and Social Security benefits. The increase in Social Security benefits in this scenario will begin on Wednesday, January 3, 2024. This December double payment strategy aims to ease the financial burden and provide timely support to SSI recipients struggling with the challenges of inflation.
