July 22, 2024

Brighton Journal

Complete News World

SSI recipients will receive their COLA increase in December. here why

Beneficiaries of Social Security Income and Supplementary Security receive 8.7% cost of living increase (COLA), starting in January of 2023. However, SSI recipients will receive their first overpayment in December of this year. We’ll explain why below.

If you are not sure how much benefits you are getting, you can Create my Social Security account Online – only Make sure to do it by November 15. After you do that, you can then check your account in early December for the new benefits amount. You will also receive a letter in the mail with all the details sometime in December.

Here’s why you might get your first overpayment in December and when to expect it. For more, here’s a file Social Security Payment Schedule. Also, here How much will Medicare premiums and discounts cost in 2023.

Why do I get a raise on my SSI check for December?

The Social Security Administration has a strict schedule that you keep track of when sending out monthly payments. For those who receive SSI, their payments are almost always sent on the first of every month.

There are two reasons why your payment may not arrive on the first of any month: If your normal payment date falls on a holiday or weekend.

In January 2023, the first of the month is a holiday And the weekend. When this happens, management sends the checks early on the nearest business day—in this case, Friday. So instead of receiving your January 2023 check in January, you will receive it in December of 2022.

See also  First Nationals stock rally as SVB collapse was the winner for the bank
stimulus money payments

You can check your COLA increase in December.

James Martin / CNET

When will I get my first COLA overdose?

If you receive SSI, you will get a payment on December 30 the new maturity amount. You won’t see your payment increase on December 1 because the COLA increase won’t take effect until 2023. Since your first overpayment is due on January 1 (a holiday and a weekend day), you get your first Early 2023 batch.

What if I receive Social Security benefits and Social Security benefits?

If you also get Social Security benefits along with your SSI, you will only get your SSI increase in December. The Social Security benefits increase will begin on January 3, which falls on Tuesday.

For more information, here How to apply for disability insurance for Social Security. Also, here How to pause your Social Security benefits You’ll likely get a bigger boost later.