In December, select Americans will receive an extra payment from Social Security. This bonus is aimed at helping recipients manage their expenses better towards the end of the year.
Eligibility for the Bonus
The extra payment will not be available to all Social Security beneficiaries.
To qualify, you must be receiving Supplemental Security Income (SSI) and must have opted for Direct Deposit for your payments. This setup ensures the bonus is automatically transferred to eligible recipients at the end of December.
Purpose of the Bonus
The bonus payment effectively serves as an advance on the regular SSI payment for January.
By receiving it at the end of December, beneficiaries can have earlier access to their funds, which can be particularly helpful during the holiday season.
Payment Details
The amount for January's SSI, to which the December bonus corresponds, is expected to be up to $967. Consequently, the December bonus will also be approximately this amount.
However, the exact sum might be slightly different depending on individual circumstances.
Impact of COLA Increase
Starting in 2025, Social Security payments will see an increase due to the Cost of Living Adjustment (COLA), which aims to keep up with inflation.
Announced in October last year, this 2.5% increase means that the December bonus, which is essentially an early payment for January 2025, will be greater than usual due to the applied COLA.
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