Social Security recipients will start the New Year with an increase worth $144 in COLA’s financial aid.
Social Security recipients will start the New Year with an increase worth $144 in COLA’s financial aid.
The $144 Monthly Boost
SSI recipients will start receiving an increase worth 8.7 percent in their checks, making it the largest increase since the ‘80s. Moreover, though SSI and SSDI recipients receive their payments on the first of each month, however, New Year’s Day falls on a holiday so they can grab checks two days earlier on December 30.
Unlike SSI and SSDI checks, Social Security payments are made on Wednesdays, with beneficiaries receiving their checks based on their date of birth. The schedule for releasing the paycheck depends on the recipient’s birthdate those born through the 1st and 10th of the month will have it on the second Wednesday of the month.
Furthermore, the third Wednesday will be the schedule of release for individuals who were born between the 11th and 20th while those born between the 21st and the end of the month will see their checks on the fourth Wednesday.
SSI can be used to pay off debt
While SSI is generally protected by the law, there are certain exceptions. Legal experts claim that Social Security is not capable to use it in paying debt that comes from credit cards, medical bills, or personal loans.
However, Social Security can be taken to pay for other types of debt such as federal taxes, child support, federal student loans, and other federal debts. Up to 15% of your Social Security benefits can be deducted for unpaid federal, student loans, and other non-tax obligations.
