As the year wraps up, Social Security beneficiaries are buzzing with questions about a potential $967 payment on New Year’s Eve. While this figure has sparked curiosity, understanding whether you qualify for this specific amount depends on several factors, including your type of benefits, income level, and the impact of the 2024 Cost-of-Living Adjustment (COLA).
This guide dives into the details of Social Security and Supplemental Security Income (SSI) payments, helping you navigate eligibility, payment schedules, and recent updates.
$967 Social Security Payment Eligibility
Social Security and SSI payments cover various groups, such as retirees, disabled individuals, and survivors. Eligibility hinges on specific criteria:
- Retirement Benefits: Requires 40 work credits (approximately 10 years of work).
- Disability Benefits (SSDI): For those with a medical condition preventing substantial work.
- Supplemental Security Income (SSI): Aimed at low-income individuals who are elderly, disabled, or blind.
The $967 amount often applies to SSI recipients, as this program supports those with limited income. Factors like state supplements and family circumstances can influence the payment amount.
Payment Breakdown
To clarify why you might see a $967 check, let’s explore the components:
- Cost-of-Living Adjustment (COLA): A 3.2% increase in 2024 raises benefits to keep pace with inflation.
- For example, a $914 SSI payment in 2023 rises to $944 in 2024. Some recipients may qualify for additional boosts, bringing the amount closer to $967.
- State Supplements: Certain states, like California, provide extra payments for SSI recipients.
- Dependent Benefits: Additional payments for children or family members may push your total higher.
Payment Schedule
Social Security payments follow a monthly schedule based on your birthdate:
| Birthdate | Payment Date |
|---|---|
| 1st–10th | 2nd Wednesday of the month |
| 11th–20th | 3rd Wednesday of the month |
| 21st–31st | 4th Wednesday of the month |
December Adjustments
In December 2024, if your birthday falls between the 21st and 31st, your payment date will be December 27th instead of December 31st, as New Year’s Eve is a holiday.
Example Calculations
Let’s break down the math for typical cases:
- Retiree Example: If your 2023 monthly benefit was $1,500, the 3.2% COLA raises it by $48, resulting in a 2024 benefit of $1,548.
- SSI Example: For an individual receiving the maximum $914 in 2023, the COLA increase adds $30, making the 2024 payment $944. Additional state supplements or unique circumstances might elevate this amount to $967.
Applying for Benefits
Here’s how to ensure you’re on track for payments:
- Check Eligibility: Determine if you meet criteria for Social Security or SSI.
- Create an Account: Use the SSA’s online portal to manage your benefits.
- Submit an Application: Apply online, by phone, or at your local Social Security office.
- Stay Updated: Regularly review benefit updates to understand how COLA or policy changes affect you.
