Many people who rely on disability benefits are concerned about whether they will get their payments—including any COLA—in time for Christmas. It is crucial to be aware of when and how these payments are made because of the holiday season and the financial stress it might cause.
Before the holiday celebrations start, here is all the information you need regarding receiving your disability payment with COLA.
Tell Me About COLA and Its Importance
The purpose of the Cost of Living Adjustment (COLA) is to ensure that annual benefit increases are proportional to the rate of inflation and general increases in living expenses. A key component of the cost-of-living adjustment (COLA) is the maintenance of purchasing power for recipients of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). To account for inflation, the Social Security Administration (SSA) declared a large COLA rise of 3.2% in 2024, meaning that millions of beneficiaries will get higher monthly benefits.
When can I expect to get my COLA-adjusted disability payments?
Depending on the benefit type and your individual payment schedule, the timing of disability payments with COLA can vary. So, here’s how it works:
If the first of the month is a weekend or holiday, SSI (Supplemental Security Income) recipients may receive their payments early. Typically, SSI payments are distributed on the first of each month. Your normal payment for December 2024 will already include the cost-of-living adjustment (COLA), and the entire COLA adjustment for the next year will be reflected in January 2025. The payment date for December 2024 is Friday, December 1st.
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Those who are eligible to receive Social Security Disability Insurance (SSDI) payments will have their benefits scheduled according to their birthdate. The payment will be issued on the 2nd Wednesday of the month, which in this case is December 13th, if your birthday comes between the 1st and the 10th. Payments are made on the third Wednesday (December 20th) for individuals whose birthdays fall between the 11th and 20th, and on the fourth Wednesday (December 27th) for those whose birthdays fall between the 21st and 31st.
Are You Sure You’ll Get Your Money Before Christmas?
How you plan to pay will determine the response. Since the first of the month is a weekend for SSI recipients, their payment is likely to have been paid before Christmas Day. Depending on your birthdate, SSDI payments can arrive just around Christmas for recipients. Be sure to monitor your account and give the transaction more time to process if your payment date is near Christmas.
Knowing that the Social Security Administration usually issues payments as scheduled, without delays for the holidays, is vital in the event that your payment schedule occurs after Christmas. December payments aren’t always guaranteed on time due to issues with banking institutions or other unanticipated circumstances, so it’s wise to budget ahead of time just in case.
What Steps Can You Take to Get Ready for the Holidays?
Even with cost-of-living increases, you should still carefully budget for the holidays. If you are receiving disability payments, here are several ways to maximize them:
Make Sure You Know When You Can Expect Your Next Payment Be ready for any delays by checking your payment schedule.
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Prepare Your Money for the Holidays: Expenditures like gifts, travel, and special meals can add up quickly during the holidays. Make an effort to reschedule these costs if you know you won’t obtain your payment in time for Christmas.
If you haven’t done so already, think about establishing direct deposit for your payments. This will allow you to receive your benefits faster, which is especially helpful during busy periods like the holidays.
Get in touch with Social Security: Contacting the Social Security Administration or reviewing your online account can clear up any confusion regarding your COLA adjustment or payment schedule.
In Summary
Knowing your exact payment schedule will help you prevent unpleasant surprises, even though the Social Security Administration is not likely to postpone disability payments with COLA. Payments of COLA-adjusted benefits will be visible to many recipients before to Christmas, while payments may arrive near or after the holiday for others. A less stressful and more financially secure holiday season is possible with advance preparation and knowledge.
In case you have any inquiries or worries regarding your benefits, please do not hesitate to get in touch with the Social Security Administration. May your holiday season be filled with joy and serenity!