Some Americans will be getting a double Social Security Administration payment today, and it will also contain a higher amount than the rest of their 2023 payments.
The extra check specifically goes to Supplemental Security Income (SSI) recipients, who typically earn their payments on the first day of each month. However, because the first day of January is a holiday, beneficiaries should expect to receive the check a bit earlier, on the last business day of December.
SSI recipients saw their first check issued on Friday, December 1, but the extra December check is not actually an increase in benefits. SSI traditionally sends out two payments in March, June, September and December, with no payments deposited in January, April, July and October. The rest of the year beneficiaries earn one standard check.
Today, December 29, is the first time Americans will see their benefits based on the new 2024 cost-of-living adjustment (COLA) as an advance check for January. The COLA for 2024 was calculated by the SSA to be 3.2 percent, meaning Americans will see more than a 3 percent boost to payments.
Individuals will now earn $943 monthly, compared to 2023's $914 average amount. Couples, meanwhile, will earn $1,415 each month next year.
Meanwhile, for Social Security recipients, maximum payments will range from $2,572 to $4,555, depending on your retirement age. On average, payments will increase by more than $50 a month.
If you've shared your bank account information with the SSA, payments will come via direct deposit. Otherwise, your check will be sent in the mail as checks.
Full Schedule
After the first SSI payment on December 29, other federal beneficiaries can expect payments in January.
In total, 66 million Social Security recipients will see updated payments, with the specific day depending on your birthday. Those born between the first and 10th of the month can expect checks on the second Wednesday of the month, January 10.
Those born between the 11th and 20th will see the new payments arrive on the third Wednesday, January 17. Americans born between the 21st and 31st of their birthday month will see the COLA boost in their payments on Wednesday, January 24.
However, if you started receiving Social Security before May 1997, your payments will arrive on January 3, no matter your birthday.
Concerns Over the COLA
While the payments for next year will be an increase from 2023 levels, many have expressed concerns they don't adequately cover the shift in living expenses.
"The 2024 Social Security COLA increase provides welcome extra income for seniors facing rising costs," Nathan Jacobs, senior researcher at The Money Mongers, told Newsweek. "However, it may not be enough to cover rapidly increasing expenses like health care and housing."
Jacobs added that seniors need to be aware of potential tax-bracket changes and look at supplemental options to make the most of their COLA boost.
"While a step in the right direction, the increase alone is not a complete solution," Jacobs said.
Although the adjustment is intended to help seniors keep up with inflation, many say the inflation rate, which is estimated to reach 3.6 percent for December, already is putting a strain on many seniors.
In 2023, seniors saw a high 8.7 COLA boost due to high inflation, so some seniors were expecting more.
In 1980, Social Security payments increased by a record amount, 14.3 percent. This year's 8.7 percent increase was the highest since the record jump.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
About the writer
Suzanne Blake is a Newsweek reporter based in New York. Her focus is reporting on consumer and social trends, spanning ... Read more
