Is SSI sending out an extra payment this month? Explaining the Social Security schedule for December

Millions of Supplemental Security Income (SSI) recipients in the United States will get a welcome financial boost in December 2024.

Thanks to the Social Security Administration’s (SSA) Cost-of-Living Adjustment (COLA), recipients will receive an early SSI payment on December 31, 2024, ahead of the January 2025 disbursement. This move aims to help beneficiaries manage expenses and avoid delays caused by the New Year holiday.

While this payment may feel like an extra check for recipients, it is actually an advance on the January 2025 payment. The payment will be adjusted to include the 2024 COLA increase of 3.2 percent, meaning recipients will see a higher amount than in previous months. Here’s everything you need to know about this additional payment and what to expect in 2025.

Why the December payment matters

The timing of the December 31 payment is due to SSA’s policy of advancing SSI payments when the 1st of the month falls on a weekend or a federal holiday. Since January 1, 2025, is a federal holiday (New Year’s Day), SSI payments will be issued on December 31, 2024. This ensures that recipients do not experience delays in receiving their much-needed benefits.

The timing is especially beneficial for SSI recipients as they face holiday-related expenses or prepare for year-end bills. For many individuals and couples who rely on SSI payments to meet basic needs like rent, utilities, and groceries, the early arrival of the payment offers some relief.

How does the COLA affect SSI Payments?

The Cost-of-Living Adjustment (COLA) is an annual increase in Social Security and SSI payments based on changes in the Consumer Price Index (CPI). The CPI measures inflation, and the COLA ensures that beneficiaries maintain their purchasing power despite rising prices for everyday goods and services. For 2024, the COLA increase is 3.2 percent, one of the highest in recent years.

This adjustment will be reflected in the payment issued on December 31, 2024. The higher payment reflects the increased 2025 SSI benefit amount, giving recipients access to their January 2025 payment a day early.

For those on SSI, the COLA is crucial as it helps offset inflation and rising living costs. It allows recipients to better afford necessities like food, rent, and healthcare expenses.