Social Security serves as a vital support system for millions of Americans—not only retirees but also disability beneficiaries, survivors, and those receiving Supplemental Security Income (SSI). In December, more than 72.5 million beneficiaries will receive their payments. This month also includes early payments for January due to holiday scheduling.
The timing of these payments depends on various factors, such as the beneficiary’s birth date and the type of benefit they are eligible for. Disability beneficiaries or SSI recipients usually receive their payments at the start of the month, while retirement payments are distributed based on birth dates.
Key payment dates in December for disability beneficiaries
The month kicks off with payments for SSI recipients, which include older adults, people who are blind, or those with disabilities and limited income or resources. On the same day, Social Security benefits are sent to individuals who began receiving payments before July 1997.
December 13: Beneficiaries born between the 1st and 10th
Individuals with birth dates between the 1st and 10th of any month will see their payment deposited on Wednesday, December 13. This group is the first to receive their monthly retirement or disability checks.
December 20: Beneficiaries born between the 11th and 20th
For those whose birthdays fall between the 11th and 20th of any month, payments will arrive on Wednesday, December 20.
December 27: Beneficiaries born between the 21st and 31st
Individuals born between the 21st and 31st can expect their payment on Wednesday, December 27.
December 29: Early payments for January
Since January 1 is a holiday, SSI and Social Security payments for those who began receiving benefits before July 1997 will be issued early, on Friday, December 29. The Social Security Administration (SSA) uses this adjustment to ensure beneficiaries have uninterrupted access to their funds.
What to do if your payment doesn’t arrive
The SSA advises waiting three business days after the expected payment date before contacting their offices if you don’t receive your deposit. This grace period allows for potential processing delays or banking issues. Should your payment still not arrive after this time, it’s crucial to reach out to the SSA to resolve the matter promptly.
Benefit changes for 2024: Cost-of-Living Adjustment (COLA)
Starting in January, Social Security benefits will increase by 2.5% due to the annual Cost-of-Living Adjustment (COLA). While this year’s COLA is smaller compared to recent years, it is intended to help offset inflation. For example, the 2023 COLA was 8.7%, one of the largest increases in recent history, driven by the sharp rise in household expenses during high inflation.
The COLA is calculated annually using the Consumer Price Index. Its purpose is to ensure benefits maintain their purchasing power in the face of rising costs for essential goods and services.
What this adjustment means for disability beneficiaries
For disability beneficiaries, the 2.5% increase may feel modest, especially when considering the rising costs of healthcare and caregiving. However, it remains a critical adjustment for those relying on Social Security as their primary source of income.
If you receive disability benefits, it’s essential to understand how this increase will impact your monthly budget. You can review the exact amount of your new benefit by logging into your SSA account or by referring to the official notice you will receive detailing the updated payment.
Tips to maximize your benefits
To ensure you receive the correct payment each month, it’s important to keep your information updated with the SSA. This includes reporting changes to your address, banking details, or employment status. Additionally, if you have questions about the COLA or the payment schedule, you can visit the SSA’s official website or contact their customer service for assistance.
Understanding these changes and staying informed about the payment schedule can help you plan your finances effectively, ensuring you make the most of the benefits available to you.