As the year wraps up, many Social Security beneficiaries are curious about the possibility of receiving a $967 check on New Year’s Eve. This article will help you understand who may receive this payment, why the amount is significant, and how the 2024 COLA (Cost of Living Adjustment) increase impacts your benefits.
What Does the $967 Social Security Payment Represent?
The $967 check is commonly associated with Supplemental Security Income (SSI) payments. SSI provides monthly support to individuals with limited income, including elderly, disabled, or blind individuals. The exact amount you receive may vary depending on your living arrangements, state-specific supplements, or additional federal benefits.
Who is Eligible for the $967 Check?
You may qualify for this payment if you receive:
- SSI Benefits: Designed for those with low income and limited resources.
- Social Security Benefits: Retirees, survivors, or disabled individuals.
- State Supplement Payments: Certain states provide additional funds on top of the federal SSI payment.
Impact of the 2024 COLA Increase
The 2024 COLA increase of 3.2% has raised Social Security and SSI benefits to help recipients keep up with inflation. For example:
- The average Social Security benefit for retirees is approximately $1,800 per month after the increase.
- The maximum SSI benefit for individuals is $944 per month, up from $914.
Why You Might Receive the $967 Payment
A $967 payment may result from:
- State Supplements: Some states, like California, add extra funds to SSI payments.
- Dependent Benefits: Additional amounts for those with qualifying dependents.
- COLA Adjustments: The annual increase in benefits due to inflation.
Social Security and SSI Payment Schedules Around the Holidays
The payment schedule for Social Security depends on your birthdate:
सम्बंधित ख़बरें
- 1st-10th: Paid on the 2nd Wednesday of the month.
- 11th-20th: Paid on the 3rd Wednesday of the month.
- 21st-31st: Paid on the 4th Wednesday of the month.
For December 2024, if your payment falls on New Year’s Eve, it will likely be issued on December 27th, as payments are adjusted for holidays.
Example of Payment Adjustments with COLA
Let’s break down how the 3.2% COLA increase affects benefits:
- If you receive $1,500 in Social Security benefits, a 3.2% increase adds approximately $48, totaling $1,548 per month.
- For an SSI recipient receiving $914, the 3.2% increase adds about $30, making the monthly payment $944.
Common Myths About Social Security Payments
- Myth: Social Security requires 40 years of work to receive benefits.
Fact: SSDI and survivor benefits may be available without 40 years of work. - Myth: Social Security benefits are heavily taxed.
Fact: Only up to 85% of benefits are taxable, and only if your total income exceeds certain limits. - Myth: Social Security is going bankrupt.
Fact: The program faces funding challenges but is projected to pay benefits at reduced levels beyond 2034.
How to Apply for Social Security Benefits
- Check Eligibility: Ensure you meet the requirements for Social Security or SSI.
- Create an SSA Account: Visit the official Social Security Administration (SSA) website.
- Submit an Application: Apply online, by phone, or in person.
- Receive Confirmation: Await approval and begin receiving payments.
By understanding Social Security payments, including the $967 check on New Year’s Eve, you can better plan for your financial future.