Social Security recipients will get two checks this December: Why?
- Once every quarter, the SSA sends out two checks in the same month
- This happens due to a quirk in the payment schedule
- Second check in December will be more than the first due to COLA increase
(File: Getty)
Testing on staging11
(NewsNation) — This December, Social Security recipients will receive two checks from the Social Security Administration — but why?
Once every quarter, the agency sends out two checks in the same month and this December just happens to be the month this quarter, Go Banking Rates reported.
Best Prime Day Deals for 2024:
— Prime Day is the perfect opportunity to upgrade your Apple gear
— Best products for your home that are less than $100
— Electronics across the board are marked down during this event
BestReviews is reader-supported and may earn an affiliate commission.
The checks will be sent to those who qualify for Supplement Security Income benefits, the report said. The first check will be sent out on the first of the month, while the second will be issued right before the new year on Dec. 29.
Best Prime Day Deals for 2024:
— Prime Day is the perfect opportunity to upgrade your Apple gear
— Best products for your home that are less than $100
— Electronics across the board are marked down during this event
BestReviews is reader-supported and may earn an affiliate commission.
However, since there are two payments in December, that means that Social Security recipients won’t be receiving a check in January due to a quirk in the payment schedule, according to the report.
The second check that beneficiaries will receive at the end of the month will actually be higher than the first check that month because it will reflect the new cost-of-living adjustment (COLA) for 2024, Newsweek reported.
The annual cost-of-living increase for 2024 is 3.2%, which is lower than 2023’s 8% increase. But recipients will now receive an average increase of more than $50 per month starting in January.