The passage of time has meant that benefits to vulnerable groups in society have become more and more important. This happens, for example, with Social Security and a payment that few imagined receiving this 2024, when it is normal to distribute it for next month, that is, January. However, those who qualify for this special payment intended to strengthen the household economy of those who have less and thus fight inflation, will be ready to receive the check or transfer on December 31. Find out what the payment is and who will be eligible for the good news.
SSA confirms the rule that few expected
Over the years, several payments have taken longer than expected due to scheduling issues in the United States. However, in this 2024, Social Security is determined to comply and not miss the benefit that will be in your pocket on December 31 if you are one of the applicants already receiving the scheduled benefit. This is known as the SSI program, which stands for Supplemental Security Income. This assistance has been active for the neediest people since 1975 and with a proportional adjustment year after year to deal with macroeconomic setbacks.
Although many expected to have the routine SSI payment by January 1, 2025, as it has sometimes been decided to delay the payment to the first day of the following month, something different will happen this 2024. In anticipation that January 1 is a holiday, the payment will be in your hands one day earlier to end the year in the best way and with a payment of $943 that will be useful in any case. Whether you are disabled, low-income or over 65, the benefit will be among those eligible, as established by the SSA.
Changes to SSI
Currently, the SSI payment variations will be supported by what the cost of living formula establishes, which will have a significant increase by 2025 due to the impact of inflation in this 2024 and what has accumulated to complicate families’ day-to-day expenses. SSI amounts go up to $943 if you are an eligible single person, while some couples have a bonus that goes up to $1,415. On the other hand, special persons assisting those receiving SSI, on the other hand, have about $472 of income in their pocket on a month-to-month basis.
It has not yet been confirmed the real change that there will be in the Cost of Living (COLA), but by 2025 they estimate that a hike will exist to improve the quality of life of the beneficiaries of this program, which at least now has given an advance. Remember to check the status of your bank account and be updating it hour by hour on December 31 to see the deposit of your money in the account. If this is delayed, there is no need to be alarmed, as it may mean an accumulation of transactions due to this being a key payment date.
