For those receiving Supplemental Security Income, there is good news: an additional Cost of Living Adjustment (COLA) in 2023 indicates a small amount of additional money will be arriving.

The Social Security Administration raised the COLA for 2024 by 3.2% as a result of high inflation rates. However, you should anticipate receiving your first COLA increase in December 2023 rather than January 2024, in contrast to other Social Security recipients.

You will be able to check your My Social Security account message centre once early December arrives to see if you have received a notice regarding the new benefit amount.

The first check for everyone who only receives Social Security benefits will arrive in January 2024.

Why is there an increase in SSI benefits?

SSI recipients always get their payments on the first of the month, by a rigid schedule.

Your payment would not arrive on the first of any given month for two reasons: if a weekend or holiday falls on the scheduled payment date.

January 2024 has a holiday on the first of the month. In this case, the check is sent earlier on the closest business day, which happens to be a Friday.

For this reason, the January 2024 check will be sent to you in December 2023. You will get a payment on December 29th with your new benefit amount if you are on SSI. This is an early payment for your first installment of 2024 because your first increased payment is due on January 1st, a holiday.