Social Security beneficiaries can expect their first checks reflecting the 2024 cost-of-living adjustment (COLA) soon. The COLA for 2024 is set at 3.2%, a notable decrease from the 8.7% increase in 2023.
Interestingly, some beneficiaries won’t have to wait until January 2024 for their enhanced checks. Those eligible for Supplemental Security Income (SSI) will receive their January payments earlier, on December 29, 2023, due to the New Year’s Day holiday falling on January 1, 2024.
For other Social Security recipients, the first checks with the 2024 COLA will be issued starting January 3. The payment schedule for 2024 follows long-standing patterns, with certain months having unique payment arrangements.
SSI recipients will receive two payments in May, August, and November, but none in January, June, and September. In contrast, they will receive one payment in the months of February, March, April, July, October, and December.
Key dates for January 2024 Social Security payments are:
- Wednesday, January 3: For those who started receiving payments before May 1997.
- Wednesday, January 10: For beneficiaries born between the 1st and 10th of a month.
- Wednesday, January 17: For those born between the 11th and 20th.
- Wednesday, January 24: For individuals born between the 21st and 31st.
Beneficiaries who have been receiving Social Security since before May 1997, or those who get both Social Security and SSI, typically have their Social Security payments deposited on the 3rd of each month, and SSI payments on the 1st. The full payment schedule for 2024 can be checked for more details.