Who will receive $943 from Social Security on December 29?
The Social Security Administration will send the last payment of the year worth $943 to certain beneficiaries on Friday, December 29. Here are the details.
On Friday, December 29, the Social Security Administration (SSA) will send the last payment of the year, even as it prepares to send the first increased payments of 2024.
Thanks to the cost of living adjustment (COLA), which is calculated annually based on inflation to avoid affecting the purchasing power of beneficiaries, all SSA payments will increase by 3.2% next year.
These payments include those received by retired workers, survivors, as well as those receiving disability benefits, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).
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Who will receive $943 from Social Security on December 29?
Supplemental Security Income recipients will receive a second payment for the month on Dec. 29. SSI payments are generally sent out on the first day of each month, but if the first is a Saturday, Sunday or holiday, payments are advanced to the last business day prior.
Following the payment schedule, the SSA sent the month’s payment to SSI beneficiaries on Dec. 1. However, because Monday, Jan. 1, 2024 is a federal holiday, the Supplemental Security Income payment for that month is brought forward, which is why it will be sent on Dec. 29, 2023.
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The SSI payment on Dec. 29 will be bigger
Because the Supplemental Security Income payment to be sent on Friday corresponds to the January 2024 payment, it will already have the 3.2% COLA increase.
In 2023, standard SSI payments have been $914 for individuals who qualify for the program and $1,371 for couples in which both spouses are eligible.
With the 3.2% hike, the standard federal SSI payment for 2024 will increase by $29, from $914 to $943 for individuals, while couples will see an increase of $44, from $1,371 to $1,415 a month.
SSI payments are sent via direct deposit or via mail in a paper check, depending on the option chosen by the beneficiary. If sent by mail it takes longer to arrive.