December Stimulus Checks: People who get Supplemental Security Income will be getting a little extra money in 2023 because of another Cost of Living Adjustment (COLA).
The Social Security Administration has raised the COLA by 3.2% for 2024 because of high inflation. You will, however, get your first COLA raise in December 2023 instead of January 2024, which is when most workers get theirs.
When early December comes around, you’ll be able to find out about the new benefit number in the message center of your My Social Security account.
All of the people who only get Social Security checks will get their first one in January 2024.
Stimulus Payment Checks: IRS To Disburse Over These States Before This Month
Why is there a rise in SSI?
As per the strict plan, people who get SSI always get paid on the first of each month.
Your payment wouldn’t come on the first of any month for two reasons: If the due date is a holiday or weekend, you may not have to pay.
In January 2024, the first day of the month is a holiday. In this case, they send the check early on the next work day, which in this case is a Friday.
That’s why the check for January 2024 will come to you in December 2023.
If you get SSI, your new benefit amount will be sent to you on December 29. You’re getting your first payment of 2024 early because your first higher payment is due on January 1, which is a holiday.
