Direct Express Deposit Dates for January 2024

This post is about Direct Express Deposit Dates for January 2024 – for Social Security, SSDI, and SSI benefits. Social Security benefits are typically paid on a specific schedule based on various factors. The payment dates vary depending on the type of benefit, birthdate, and other circumstances.

For Direct Express Cardholders, it is crucial to understand when Social Security, SSDI and SSI payments will be made so that you can manage your finances effectively.

Continue reading below for the Direct Express Deposit Dates for January 2024.

Prefer Video? See a summary of the Direct Express Deposit Dates for January 2024 below.

Table of Contents:

How Social Security and SSI Payment Schedules Work
Direct Express Deposit Dates for January 2024 – Retirees & SSDI
Direct Express Deposit Dates for January 2024 – SSI Benefits
What Time Will Direct Express Deposits Post?
Social Security Overpayments and Stimulus Checks
Most Frequently Asked Questions

How Social Security and SSI Payment Schedules Work

Social Security (which includes Retirement and SSDI) and SSI (Supplemental Security Income) payments have different schedules for distribution.

Social Security benefits are paid in the month following the month for which they are due. The payment date depends on the birth date of the beneficiary:

If the birth date is between the 1st and the 10th, the payment is made on the second Wednesday of each month.
If the birth date is between the 11th and the 20th, the payment is made on the third Wednesday of each month.
If the birth date is between the 21st and the 31st, the payment is made on the fourth Wednesday of each month.

This staggered schedule was adopted by the Social Security Administration in June 1997 to accommodate the growing number of beneficiaries.

For individuals receiving SSI benefits, payments are made on the 1st of each month.

However, if the 1st falls on a weekend, the payment is issued on the Friday before the 1st.

Furthermore, if the 1st falls on a holiday, the payment is issued on the last business day before the 1st.

Direct Express Deposit Dates for January 2024 – Retirees & SSDI

If you are receiving retirement benefits or Social Security Disability Insurance (SSDI), your December payment will arrive on one of the following dates:

January 10: If your birthday falls between the 1st and 10th, you’ll receive your payment on the second Wednesday of January.
January 17: If your birthday falls between the 11th and 20th, you’ll receive your payment on the third Wednesday of January.
January 24: If your birthday falls after the 20th, you’ll receive your payment on the fourth Wednesday of January.

Please note that if you receive benefits based on someone else’s work record, your payment date will align with the primary beneficiary’s date.

Direct Express Deposit Dates for January 2024 – SSI Benefits

For Supplemental Security Income (SSI) recipients, the payment schedule is as follows:

December 29th, 2023: SSI payments are scheduled to be paid on this date.

In 2024, there will be no SSI benefit payments in January, April, July, and October.

Instead, beneficiaries will receive payments at the beginning and end of March, June, and September.

5 Social Security Changes for 2024

Here are the 5 Social Security changes that may affect you in 2024:

1. COLA Benefit Boost

2024 sees a 3.2% Cost-of-Living Adjustment (COLA) to Social Security benefits.

This increase, while lower than the 8.7% COLA of 2023, is still slightly above the average since the early ’90s.

The average retirement benefit will rise from $1,848 to $1,907 a month.

Additionally, the maximum benefit for those claiming at full retirement age (FRA) will be $3,822, an increase from $3,627 in 2023.

Notably, the COLA also affects all types of Social Security and Supplemental Security Income (SSI).

2. Medicare Premium Offset

A crucial aspect to consider is the Medicare premium offset.

Most beneficiaries have their Medicare Part B premiums deducted directly from their Social Security payments.

In 2024, the standard monthly Part B rate will rise to $174.70, slightly diminishing the COLA gain.

3. Social Security Taxes

The tax funding Social Security remains at 12.4%, split between employees and employers.

For 2024, the income threshold subject to this tax increases to $168,600, meaning earnings above this amount aren’t taxed for Social Security purposes.

4. Social Security Earnings Test

Beneficiaries who continue to work may see a portion of their benefits temporarily withheld.

The earnings threshold for 2024 is $22,320 for those not reaching FRA within the year, and $59,520 for those who will.

This test impacts how much of your benefit is withheld based on your income level.

5. Qualifying for Benefits

In 2024, you earn one Social Security credit for every $1,730 in covered work, up from $1,640 in 2023.

You can earn up to four credits a year, requiring a total of 40 credits (or 10 years of covered work) to qualify for retirement benefits.

Summary of COLA for 2024

Here’s what the COLA increase means for beneficiaries:

Estimated Average Monthly Social Security Benefits Payable in January 2024:

Before 3.2% COLA:
- All Retired Workers: $1,848
- Aged Couple, Both Receiving Benefits: $2,939
- Widowed Mother and Two Children: $3,540
- Aged Widow(er) Alone: $1,718
- Disabled Worker, Spouse, and One or More Children: $2,636
- All Disabled Workers: $1,489
After 3.2% COLA (2024):
- All Retired Workers: $1,907
- Aged Couple, Both Receiving Benefits: $3,033
- Widowed Mother and Two Children: $3,653
- Aged Widow(er) Alone: $1,773
- Disabled Worker, Spouse, and One or More Children: $2,720
- All Disabled Workers: $1,537

Feel free to use these bullet points for your presentation.

Direct Express Deposit Dates for January 2024 Summary

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