The end of the year is often filled with excitement, but this December, Social Security beneficiaries have even more to look forward to: a “bonus track” payment that will give them more money to close out 2023.
While Social Security payments are generally scheduled to ensure that beneficiaries can manage their money throughout the month, December will bring something special for a select group of recipients.
This bonus payment will provide a significant extra check, which will make the amount of money you receive from Social Security much larger.
If you’ve been waiting for your Social Security payment in December, be ready for a pleasant surprise—especially when you consider that this payment will also include the COLA (Cost of Living Adjustment) increase.
Here’s everything you need to know about how this works and who is eligible for the extra cash.
Who Can Get the Bonus Track of Social Security Money in December?
Not every Social Security beneficiary will qualify for the extra check in December. To be eligible, certain requirements must be met. If you don’t qualify in time, don’t worry, as you will still receive your additional payment in January.
Here are the key requirements to get this extra Social Security payment:
- Must Have Supplemental Security Income (SSI) Accepted: To be eligible for this bonus track, you must already have Supplemental Security Income (SSI) approved. SSI is a program designed to help low-income individuals who are elderly, blind, or disabled.
- Direct Deposit Setup: This extra payment will automatically be deposited if you have set up Direct Deposit for your Social Security payments. Without Direct Deposit, you will miss out on receiving the payment in December and will instead get it in January.
If you meet both of these criteria, your extra check will arrive at the end of December. Keep in mind that the regular Supplemental Security Income (SSI) payment for January will be available on January 1st, but the extra payment will be deposited on December 31st.
Why Will the Extra Supplemental Security Income Be Higher?
A significant factor that makes this December bonus track so exciting is the COLA increase. The U.S. government announced a 2.5% COLA increase for Social Security payments starting in January 2025. However, this COLA will also apply to December’s payment, resulting in a slightly larger amount.
The COLA increase is designed to help Social Security recipients keep up with inflation. In practical terms, this means that the bonus track payment in December will be a little bigger than what you would typically receive.
For example, the maximum payment for Supplemental Security Income (SSI) will be as high as $967 in December 2023. So, if you are receiving the maximum SSI benefit, your extra check will be for that amount.
It’s important to note that this December check is technically the first payment for January 2025. Because of this, the amount will reflect the new COLA adjustment.
This boost in your payment could make a significant difference in helping you manage costs as you enter the new year.
What Happens if You Don’t Have Direct Deposit?
One of the most important things to remember is that you must have Direct Deposit set up to receive the extra payment in December.
Without Direct Deposit, you won’t get the payment until January. The government encourages beneficiaries to set up Direct Deposit to ensure that payments are delivered quickly and securely.
Direct Deposit is an easy way to receive your Social Security benefits without the need to wait for a physical check to arrive in the mail.
If you haven’t set it up yet, consider doing so as soon as possible to ensure that you don’t miss out on the extra December payment.
How Much Will the Bonus Payment Be?
The bonus track payment is part of the Supplemental Security Income (SSI) program, which helps individuals who are elderly, blind, or disabled, and have limited income.
In December 2023, the maximum payment will be $967 per beneficiary, depending on your eligibility and specific circumstances.
This extra payment will be a relief for many Americans who rely on Social Security benefits to make ends meet.
The COLA increase, while modest at 2.5%, is expected to help offset the rising costs of living, making it easier for beneficiaries to manage their expenses during inflationary periods.
Final Thoughts:
If you are a Social Security beneficiary, make sure to check whether you meet the requirements for this December’s bonus track payment. The added money, combined with the COLA increase, will help make the end of the year a little brighter.
Don’t forget to set up Direct Deposit if you haven’t already, as that’s the only way to ensure you receive the extra payment in December.
This extra check will help many Americans finish the year strong and enter the new year with a bit more financial stability. With the COLA increase taking effect next year, this bonus track payment is just the beginning of what’s to come in 2025.
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