Why SSI beneficiaries will receive two payments in December
FILE-In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, D.C. (Photo illustration by Kevin Dietsch/Getty Images)
Social Security recipients are getting a little something extra in their mailbox before the holiday season.
Two checks will be distributed by the Social Security Administration starting in December.
Payments will go to people qualifying for Supplement Security Income (SSI) benefits.
The first check will be issued on Friday, Dec. 1, and the second goes out four weeks later, on Friday, Dec. 29, according to the Social Security Administration.
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The agency is distributing two payments next month because Jan. 1 (New Year’s Day) is a holiday, and payments for January are going out a few days early, meaning the check goes out on Dec. 29, and beneficiaries won’t receive an extra payment in January.
Claimants will get a letter via mail from the Social Security Administration notifying them about their new benefit amount starting in early December.
Social security retirement benefits will rise to a 3.2% cost-of-living adjustment (COLA) in January 2024, which equates to more than $50 monthly.
Additional adjustments going into effect in January of each year are based on the increase in average payments.
The Social Security Administration noted that based on the increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600 from $160,200.
Social Security income benefits are provided to individuals with limited resources who are blind, 65 years of age or older, or who have a qualifying disability that keeps them from working and may last one year or result in death.
This story was reported from Washington, D.C.