SSI Recipients Are Getting Their First COLA Improve Tomorrow. Here is Why

You already bought your December Supplemental Safety Revenue examine on Dec. 1, however you are getting one other cost tomorrow along with your 2024 price of dwelling adjustment. The examine you obtain tomorrow will likely be a 3.2% improve from what you have been receiving this yr. On the flip facet, for those who obtain Social Safety, you will not see a rise on these funds till Jan. 3. We’ll clarify why beneath.

It’s best to now have entry to examine your My Social Safety account message heart for a discover about your new profit quantity. Word that the deadline for creating an account was Nov. 14 so for those who missed it, you will have to hold a watch out for a letter within the mail with all the main points about your improve.

Here is why you are getting your first elevated cost in December for those who obtain SSI. Moreover, this is the Social Safety cost schedule and Social Safety Incapacity Insurance coverage cost schedule. Additionally, this is how a lot Medicare premiums and deductibles will likely be in 2024.

Why am I getting an SSI COLA improve in December?

The Social Safety Administration follows a strict schedule when sending out month-to-month funds. For many who obtain SSI, their funds are nearly at all times despatched out on the primary of every month. 

There are two the explanation why your cost would not arrive on the primary of any month: If the common cost date falls on a vacation or a weekend.

In January 2024, the primary of the month falls on a vacation. When this occurs, the administration sends the checks earlier on the closest enterprise day — on this case, a Friday. As an alternative of receiving your January 2023 examine in January, you will get it in December of this yr.

When will I get my first SSI COLA improve cost?

When you obtain SSI, you will get a cost on Dec. 29 along with your new profit quantity. Since your first elevated cost is scheduled for Jan. 1 (a vacation), you are getting your first 2024 cost early. 

What if I obtain each SSI and Social Safety advantages?

When you additionally get Social Safety advantages alongside along with your SSI, you will solely get your improve for SSI in December. Your Social Safety advantages improve will start on Jan. 3, which falls on a Wednesday.

For extra, this is the most quantity of Social Safety advantages you may obtain every month.