(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.
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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.
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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.