Social Security: Holiday Will Impact When You Receive First Payment in 2024
Written by
Vance Cariaga
Edited by
Daria Uhlig
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Social Security’s new 3.2% cost-of-living adjustment, which was approved in October, doesn’t officially kick in until 2024, but some beneficiaries will get the higher payments early. For that they can thank the New Year’s Day holiday, which falls on Monday, Jan. 1, 2024.
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Normally, Social Security recipients who also qualify for Supplemental Security Income benefits get their SSI checks on the first of each month. But because Jan.1, 2024, is a holiday, the January SSI payment is mailed on Dec. 29, 2023.
Other than that, all Social Security checks with the new 2024 COLA will be distributed after the beginning of the new year. Although next year’s COLA is significantly smaller than this year’s 8.7% adjustment, it’s still well above the 2.6% average over the past couple of decades.
The 2024 payment schedule will include the usual quirks. SSI beneficiaries get two payments in May, August and November, while no payments are deposited in January, June and September. One check is issued the remaining six months: February, March, April, July, October and December.
Here are the important payment dates to know for January 2024:
- Wednesday, Jan. 3: Beneficiaries who began receiving payments before May 1997
- Wednesday, Jan. 10: Beneficiaries with a date of birth between the 1st and 10th
- Wednesday, Jan. 17: Beneficiaries with a date of birth between the 11th and 20th
- Wednesday, Jan. 24: Beneficiaries with a date of birth between the 21st and 31st
If you received Social Security before May 1997 or if your receiving both Social Security and SSI, then Social Security is typically paid on the 3rd of the month and SSI on the 1st.
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