The end of the month has arrived for US citizens. Similarly, the end of the year is approaching, and the Social Security payment calendar is also coming to an end. current is not bad news, either, because the conclusion of current calendar signifies the start of a new one.
In addition, a new Social Security schedule entails a rise in benefits for beneficiaries. The Cost of Living Adjustment (COLA) may result in a higher payment on all Administration-issued benefits beginning in January 2025.
Not only will retirement benefits increase, but so will other Social Security payments. Supplemental Security Income checks, as well as retirement and disability payments, will increase.
So we’re looking at a new schedule with an increase. This means that pensioners will be able to receive bigger pensions, allowing them to directly confront rising inflation.
Which Americans will get the extra Social Security next week?
Only one group of Americans may receive a Social Security payout next week. It is crucial to understand that retirement payments, regardless of age or handicap, are divided into four separate mailings. Each mailer is aimed at a particular set of retirees.
If we achieve certain standards, we will be able to receive money for these benefits directly. To get payment during the last week of December and the last week of the year, the following conditions must be met:
- Have Social Security since after 1997.
- Have your birthday between the 21st and 31st of any month.
There are no further criteria for the Administration to send us the check on this specific day. The mailing day will be the fourth Wednesday of the month, December 24th. So, if you haven’t received your check yet and are in that group, you could receive it in just a few hours.
Also, in order to get the payment as quickly as feasible, we must enable Direct Deposit. This is the quickest way of payment, and it allows us to receive all of our Social Security benefits immediately.
Another check from SSA before the end of 2024
Although the 24th is the last payment for retirees on the 2024 calendar, there is an additional check that allows Social Security claimants to receive up to $943 more. This check is only for Supplemental Security Income (SSI) recipients who meet the requirements.
If we use Direct Deposit, we would not only receive our retirement payment instantly, but also our Supplemental Security Income check early. This is because the payment for this benefit is due on January 1st, but because that day is a holiday, the Administration will deliver it early.
For the same reason, the maximum check amount is $967, not $943. And it will already include the COLA 2024, so 3.2% will be added to past months’ SSI benefit payments. This payment day will be December 31.
Also See:- Expansion of Social Security Benefits for Millions of Americans – Final Stretch for Approval