The Social Security Administration (SSA) typically follows a strict payment schedule. However, there will be some changes in December 2024 due to the New Year’s holiday. Here’s a breakdown of what to expect for Supplemental Security Income (SSI) payments in December and why this month will have two payments instead of one.
Payment Schedule for December 2024
Normally, SSI payments are made on the first day of each month. However, since January 1, 2025, falls on a holiday and a weekend, SSA will issue the January payment early—on December 29, 2024. This results in two payments in December: one on December 1, and another on December 29. It is important to note that this is not an extra payment; the second one is the January 2025 payment issued in advance.
COLA Increase Boost
Starting with the December 29 payment, recipients will see the effects of the 2024 Cost of Living Adjustment (COLA). The COLA increase of 3.2% will raise the maximum monthly SSI payment for individuals from $914 in 2023 to $943 in 2024. For married couples, the maximum payment will increase from $1,371 to $1,415.
Why Are There Two Payments?
The SSA schedules two payments in December to avoid delays caused by weekends and holidays. Since banks are closed on New Year’s Day, the SSA advances the January payment to ensure beneficiaries receive their funds without interruptions. This practice ensures that SSI recipients have access to their funds without delay at the beginning of the year.
| Date | Payment Type | Who Will Receive It | Amount for Single | Amount for Married Couples |
|---|---|---|---|---|
| Dec 1, 2024 | Regular December Payment | SSI Beneficiaries | Up to $914 | Up to $1,371 |
| Dec 29, 2024 | January 2025 Payment | SSI Beneficiaries | Up to $943 | Up to $1,415 |
The early January payment on December 29 will reflect the 2024 COLA increase. This adjustment aims to help recipients keep pace with inflation and rising living costs.
Conclusion
December 2024 will bring two SSI payments: one for December and another for January 2025, paid in advance due to the holiday schedule. The second payment will also include a COLA increase, boosting the maximum amount SSI beneficiaries can receive.
FAQs
When will SSI recipients receive the second December payment?
SSI recipients will receive the second payment on December 29, 2024, which is actually the January 2025 payment issued early.
Will there be an extra SSI payment in December 2024?
No, there is no extra payment. The second payment in December is an advance for January 2025.
How much will the COLA increase SSI payments by?
The COLA increase will boost SSI payments by 3.2%, raising the maximum monthly payment for individuals to $943 and for married couples to $1,415.
Why is the January SSI payment sent in December?
The SSA sends the January payment early because January 1 is a holiday and falls on a weekend, and banks are closed.
Does the COLA increase apply to both payments in December 2024?
No, the COLA increase only applies to the second payment on December 29, which is for January 2025.
