As the year comes to a close, many Social Security and Supplemental Security Income (SSI) beneficiaries may be wondering about their upcoming monthly payments, particularly around New Year’s Eve. A common question is whether you’ll receive a $967 check during this time. This article will help clarify eligibility, the payment schedule, and how the 2024 Cost-of-Living Adjustment (COLA) increase may affect your benefits.
What Does the $967 Social Security Check Represent?
Many Social Security and SSI recipients often ask about receiving a $967 check, especially around the New Year. This amount typically represents SSI payments or a combination of benefits, which may vary depending on your specific circumstances.
- Who is Eligible? Social Security beneficiaries, including retirees, survivors, and those receiving SSI benefits.
- Payment Schedule: The payment date depends on the beneficiary’s birthdate (second, third, or fourth Wednesday of each month).
- What is the $967 Payment? This amount usually reflects either regular monthly benefits or SSI payments, which can fluctuate based on eligibility.
- COLA Adjustment: Social Security benefits increase by 3.2% in 2024 due to inflation, which will impact monthly payments.
- Payment Timing During Holidays: Payment dates may shift during the holidays to ensure timely delivery.
The $967 check is commonly tied to SSI payments, which are adjusted based on income, living arrangements, and possible state-specific supplements. If you’re receiving Social Security or SSI, understanding your payment schedule and eligibility is crucial, especially with the COLA increase affecting your monthly check.
Social Security Payments Explained
Social Security provides critical financial support to retirees, individuals with disabilities, and survivors of deceased workers. Supplemental Security Income (SSI) assists those with low income who are elderly (65+), blind, or disabled.
Regular Social Security Payments
Social Security benefits are typically based on your earnings throughout your career. Higher lifetime earnings often translate into higher monthly payments. In 2024, the average Social Security payment for retirees is about $1,800, though it varies depending on your work history and when you choose to begin receiving benefits.
To calculate Social Security benefits, the SSA looks at your 35 highest-earning years. If you earned more later in your career, this could result in higher benefits.
Example: Social Security Calculation
Suppose you worked for 40 years with an average salary of $50,000. Your monthly benefit in 2024 might be around $1,500. However, if your later years saw higher earnings, your benefits could be significantly higher.
Supplemental Security Income (SSI) Payments
SSI is designed for people with limited income and resources who are elderly, blind, or disabled. The maximum SSI payment for 2024 is $914 per month, but the actual amount can vary based on other factors like income, living arrangements, or additional state aid.
Some individuals may receive around $967 in SSI payments if they qualify for additional benefits or receive small income boosts that increase their SSI amount.
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Why Might You Receive $967?
The $967 figure often indicates a combination of SSI payments or other benefits, including:
- Cost-of-Living Adjustment (COLA): Social Security and SSI benefits are adjusted annually for inflation, and the 2024 COLA increase of 3.2% boosts the monthly benefit slightly.
- State Supplements: Certain states offer extra payments for SSI recipients. For example, California may provide a state supplement that increases your total benefit amount.
- Dependents or Family Members: If you’re caring for children or have dependents, your payment might be higher, potentially reaching around $967.
How Social Security Payments Adjust Around the Holidays
Social Security payments are generally issued based on the month you were born:
- 1st to 10th: Payments are issued on the 2nd Wednesday of each month.
- 11th to 20th: Payments are issued on the 3rd Wednesday.
- 21st to 31st: Payments are issued on the 4th Wednesday.
For example, in December 2024, individuals born between the 21st and 31st would typically receive their payment on December 27th. If the 4th Wednesday falls on a holiday like New Year’s Eve, the SSA will adjust the payment date to ensure timely delivery.
Example of Payment Adjustments
If your birthday falls on December 25th, your payment would typically be scheduled for December 27th. However, since New Year’s Eve is a holiday, the SSA might issue your check earlier to avoid any delays.
Common Misconceptions About Social Security
There are many myths surrounding Social Security, and understanding the facts can help you navigate the system more effectively.
- Myth 1: “You need 40 years of work to receive Social Security.”
While 40 work credits (about 10 years) are required to receive full Social Security retirement benefits, you can still receive Social Security Disability Insurance (SSDI) or survivor benefits even if you haven’t worked the full 40 years. - Myth 2: “Social Security benefits are heavily taxed.”
Although some Social Security benefits are subject to taxes, it depends on your overall income. If your income exceeds a specific threshold, you may need to pay taxes on up to 85% of your benefits. - Myth 3: “Social Security is going bankrupt.”
Although the Social Security trust fund faces challenges, it’s unlikely to disappear entirely. By 2034, the program may only be able to pay 79% of benefits, but it’s not going bankrupt.
How to Apply for Social Security or SSI Payments
If you’re nearing retirement or planning to apply for Social Security, here’s what you need to do:
- Check Eligibility: You need at least 40 credits to qualify for retirement benefits, or you may qualify for benefits earlier if you’re disabled.
- Create a My Social Security Account: This helps you track your benefits, update your information, and request payments.
- Apply Online: Visit the SSA website to apply online or contact a local SSA office.
- Wait for Approval: After applying, the SSA will review your application and notify you of your eligibility. If approved, you’ll start receiving monthly payments.
Understanding how Social Security and SSI benefits are calculated, including the impact of the COLA adjustment, will help you better prepare for your payments, especially around the holiday season.