Saturday, June 22, 2024

When is the June 2024 increase going to take effect?

When Will You Receive Your Social Security Increase in June?

Are you a beneficiary of Social Security or Social Security Disability Income (SSDI)? If so, you’ll be pleased to know that a long-awaited $600 increase in benefits is on its way! This Cost-of-Living-Adjustment (COLA) is essential for maintaining your purchasing power in the face of inflation.

Social Security plays a crucial role in providing retirement income to millions of retired workers and disability insurance to those in need. To ensure that beneficiaries are not negatively impacted by inflation, the federal government adjusts the amount they receive each year.

If you’re wondering when you can expect to see your June deposit and increase, the answer lies in the usual SSDI deposit schedule. Recipients born between the 1st and 10th of the month will receive their payment on June 12, while those born between the 11th and 20th will receive it on June 18. Those born between the 21st and 31st will see their deposit on June 26.

For those receiving both Social Security and Supplemental Security Income (SSI), payments are staggered with Social Security deposits on the 1st of the month and SSI deposits on the 3rd.

It’s important to note that if your payday falls on a weekend or holiday, the deposit will be advanced to the preceding business day. If you encounter any issues with receiving your payment, the Social Security Administration recommends waiting three mailing days before contacting your bank or reaching out to the beneficiary service number.

The COLA increase is a welcome relief for beneficiaries of social programs, helping to ensure that your standard of living is protected despite the challenges of inflation. Stay informed about your payment schedule and enjoy the benefits of the increase coming your way soon!

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.

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