In just 48 hours, millions of Americans will receive a new Social Security check from the Social Security Administration (SSA). However, it’s important to note that this check will not include the new Cost-of-Living Adjustment (COLA) for 2024, even though some retirees may see a large amount, possibly up to $4,873, in their payment.
So, why are some people receiving this check and others not? And why doesn’t it include the COLA increase? Here’s everything you need to know.
Who Will Receive the Social Security Payment?
The new checks are set to be sent out to Social Security recipients in Group 4, which includes retirees who meet certain requirements. If you are in this group, you could see a payment of up to $4,873 in your account very soon.
However, if you don’t meet the criteria, your payment may be delayed until later. It’s also possible that if you are in Groups 1, 2, or 3, the SSA has already sent your check. December marks the third month this year that retirement checks are being issued.
Key Criteria to Receive Your Payment
To get your Social Security payment in the next 48 hours, you must meet three specific conditions:
- You must have a Social Security benefit that began after 1997.
- Your birthday must fall between the 21st and 31st of any month.
- Direct Deposit must be activated on your account.
The first two conditions are necessary for the SSA to send your payment on December 24th. However, if you don’t have Direct Deposit set up, your payment will take a little longer to arrive.
Those who do have Direct Deposit will get their money on the same day it’s sent out, making the payment process quicker and more convenient. If you’re still receiving your check by mail, you may have to wait a little longer.
Why Isn’t the COLA for 2024 Included?
The reason the 2024 COLA increase is missing from this check is that it’s the last payment of the year. As the payment falls under the 2024 schedule, it cannot include the COLA for 2025.
However, retirees who qualify for this payment won’t have to wait long for the COLA to be added. The first payment of the new year will reflect the COLA increase for 2025, which will raise the maximum amount to $4,873. The new check will come with a 2.5% increase, so the final retirement figure you receive in 2025 will be higher than what you get now.
But remember, not everyone will see the maximum amount. The actual payment depends on your current Social Security amount. So, while some might get the full $4,873, others could receive a smaller check based on their retirement benefits.
What Does This Mean for You?
If you meet the conditions for receiving your payment, expect to see the check in the next 48 hours. If you don’t, you may need to wait until a later date. If your payment is delayed, don’t worry; the SSA will get it to you as soon as possible.
While this check may not include the 2024 COLA increase, that will be reflected in your January payment so that you won’t miss out on the rise. For now, check your direct deposit settings and keep an eye on your mailbox, as these are the two main ways you’ll receive your Social Security payment.
By understanding these simple criteria, you can quickly determine if you will be receiving a payment soon or if you’ll need to wait for the next check.
Final Thoughts
The Social Security Administration is sending out checks to qualifying individuals, and if you’re one of them, you could see as much as $4,873 in your account soon. However, don’t expect to see the 2024 COLA increase just yet, as it won’t appear until your January payment. Be sure to review the criteria to ensure you’re receiving the payment on time, and remember that if your Direct Deposit is set up, your check will arrive much faster.
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Archer Bannister is a journalist with 4 years of experience covering hard-hitting stories. Currently working with Mikeandjonpodcast, Archer specializes in delivering timely and in-depth updates on a variety of topics, including crime news, politics, and national issues affecting the USA. His expertise and dedication to delivering accurate, impactful news make him a trusted voice for audiences seeking to stay informed on critical topics.
