Millions of Americans to receive 2 Social Security checks in December; here's why

Nov. 29—STATEN ISLAND, N.Y. — If you are among the millions of Americans receiving Supplemental Security Income (SSI) from the Social Security Administration (SSA), you can expect two checks in the coming month, the second of which will be slightly more lucrative than the first.

SSI provides monthly payments to roughly 7.5 million low-income residents who have a disability or are age 65 or older.

While referred to as monthly payments, a quirk in the schedule makes it so that two checks are issued in March, June, September and December, while no checks are issued in the months that directly follow; April, July, October and January. Recipients receive one check in all other months.

In December, SSI recipients will receive checks on Dec. 1 and Dec. 29, though the amount received should be slightly higher on the second check.

The first check, received on Dec. 1, will be limited to maximums of $914 for an individual and $1,371 for a couple.

However, the second check will reflect the SSA’s 2024 cost-of-living adjustment, with maximums of $943 for an individual and $1,415 for a couple.

Those set up to receive direct deposit should receive their payment on the scheduled date, while those receiving checks in the mail are asked to wait three additional mailing days before contacting the agency about late checks.

ABOUT COST-OF-LIVING ADJUSTMENT

Each year, Social Security benefits and SSI payments are subject to an annual cost-of-living adjustment (COLA) based on inflation rates to ensure that monthly payments keep pace with rising costs.

In October, the SSA announced that beneficiaries will see a 3.2% increase for 2024, raising the average monthly payment for Social Security benefits by more than $50 and the maximum SSI payment by $30.

Those who receive Social Security benefits will start seeing higher payments in January, while those receiving SSI will see them starting Dec. 29.

The SSA will begin notifying recipients of their new monthly benefit amount by mail in early December.

Cost-of-living adjustments are determined using third-quarter data — July, August and September — from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

Inflation for those three months is added together, averaged and then compared to the previous year’s third-quarter average, with the percentage difference between the current year and the previous year serving as the COLA rate for the upcoming year.

In recent years, the coronavirus (COVID-19) pandemic’s impact on inflation led to abnormally high adjustments, including a 5.9% increase in 2022 and an 8.7% increase in 2023, which was the largest increase in four decades.

Reductions in inflation over the past year brought 2024′s adjustment back down to 3.2%, which is more in line with the 2.6% average annual increase seen over the past two decades.

In 2023, an average of nearly 67 million Americans per month collect Social Security benefits, totaling over $1.4 trillion dollars in benefits paid during the year, according to the SSA.

Social Security benefits represent about 30% of income for Americans aged 65 and older, the administration said.

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