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December is a month of giving, and in that spirit, the Social Security Administration shall be sending out two checks for the month as a substitute of 1 — so long as it is the proper of examine. OK, the SSA did not tackle the position of Santa Claus. The company sends two checks in the identical month as soon as each quarter, and December occurs to be one of many months.
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Both checks shall be issued to individuals who qualify for Supplemental Security Income (SSI) advantages. The first SSI examine shall be issued on Friday, December 1, in accordance with the SSA. The second shall be launched 4 weeks later, on Friday, December 29.
Due to a disturbance in the cost schedule, SSI beneficiaries obtain two funds in March, June, September and December, and no funds are deposited in January, April, July and October. One examine is issued throughout the remaining 4 months. The further cost in December could also be thought-about as an advance for the next month.
If you don’t obtain your cost on the anticipated date, the SSA recommends permitting three further mailing days earlier than contacting the company. If you obtain direct deposit, you may count on to obtain your cost on the scheduled date, however the availability of funds might rely in your financial institution.
SSI advantages are supplied to low-income individuals of restricted means who’re blind or age 65 or older, or have a qualifying incapacity. A qualifying incapacity is one which retains you from working and is anticipated to final for one 12 months or till you die
In 2023, the utmost federal SSI profit price shall be $914 for a person and $1,371 for a pair. Those quantities will rise to $943 and $1,415, respectively, in 2024.
Regarding retirement advantages: The schedule in December 2023 follows the identical sample as all different months. Retirement advantages are paid on the second, third and fourth Wednesday of every month in accordance with your date of delivery. Here’s a have a look at the December cost schedule:
If your birthday falls on the first to the tenth, you’ll obtain your cost on the second Wednesday of the month, which is 13 December.
If your birthday falls on the eleventh to the twentieth, you can be paid on the third Wednesday (December 20).
Those with birthdays on the twenty first to thirty first shall be paid on the fourth Wednesday (December 27).
If you acquired Social Security earlier than May 1997 or if you happen to obtain each Social Security and SSI advantages, then Social Security is paid on December 3. You can see the total 2023 cost schedule right here.
December is the final month Social Security recipients will obtain funds with a 2023 cost-of-living adjustment of 8.7% — the very best quantity in greater than 4 many years. Starting in January 2024, checks will replicate a COLA of three.2%, which is able to enhance the common retirement examine by about $57 per 30 days.
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This article initially appeared on GOBankingRates.com: Why You’ll Get Two Social Security Checks in December