For millions of Americans, Social Security benefits are a vital source of income. In January 2024, the Social Security Administration (SSA) will pay out benefits to more than 70 million people. Social Security is a federal government program that provides benefits to retired workers, their dependents, and survivors. It also provides benefits to disabled workers, their dependents, and survivors.
In addition, Social Security provides Supplemental Security Income (SSI) to low-income individuals who are aged, blind, or disabled. The date of your Social Security benefit payment depends on two factors: your date of birth and whether you receive both Social Security and SSI benefits.
Social Security, SSDI, and SSI Payment Dates in January 2024
If you receive only Social Security benefits, the date of your payment will be determined by your date of birth.
- If your date of birth is between January 1 and 10, your payment will be made on the second Wednesday of the month, which is January 10, 2024.
- If your date of birth is between January 11 and 20, your payment will be made on the third Wednesday of the month, which is January 17, 2024.
- If your date of birth is between January 21 and 31, your payment will be made on the fourth Wednesday of the month, which is January 24, 2024.
If you receive both Social Security and SSI benefits:
If you receive both Social Security and SSI benefits, your Social Security benefits will be paid on the third of the month, and your SSI benefits will be paid on the first of the month.
In this case, you would receive your Social Security payment on January 3, 2024, and your SSI payment on January 1, 2024.
What to Do If You Don’t Receive Your Social Security Payment on Time?
If you don’t receive your Social Security benefit payment on the expected date, you should wait three additional days before contacting the SSA. This will give the SSA time to process your payment and ensure that it was mailed correctly.
If you still haven’t received your payment after three days, you can contact the SSA by phone at 1-800-772-1213 or online at www.ssa.gov.
Social Security Payments to Increase in 2024
Millions of Social Security beneficiaries can expect a modest increase in their monthly payments starting in January 2024. The SSA announced a 3.2% cost-of-living adjustment (COLA), reflecting a moderation in consumer price inflation after a historically high adjustment in 2023.
This COLA translates to an average increase of over $50 per month, according to the agency. AARP estimates the average rise slightly higher at $59. While welcome, this adjustment falls short of the 8.7% COLA implemented in 2023, a response to the significant inflationary pressures experienced that year.
For beneficiaries grappling with ongoing cost-of-living increases, the news may be mixed. While an income boost is certainly beneficial, it may not fully offset the continued rise in essential expenses. Nonetheless, the COLA provides a degree of financial protection for millions of Americans who rely on Social Security for their livelihood.
It’s important to note that the COLA announcement reflects national averages, and individual benefit increases will vary based on each recipient’s current payment amount. The SSA will mail COLA notices to all beneficiaries throughout December, outlining their specific adjustment.