If you’re a Social Security recipient, there’s good news this holiday season. The Social Security Administration (SSA) will issue a $1,900 payment on Tuesday, December 24, 2024, due to adjusted holiday schedules. This applies to retirees whose birthdays fall between the 21st and 31st of any month, as their payments are typically sent on the fourth Wednesday. With Christmas Day falling on a Wednesday, payments are being advanced by one day.
Here’s what you need to know about December’s payments and the SSA’s schedule:
Who Will Receive $1,900 on December 24?
- Retirees Born Between the 21st and 31st: These individuals will see their Social Security payments arrive on Tuesday, December 24.
- Payment Adjustments for the Holidays: The SSA moves payments scheduled for federal holidays to the previous business day. This ensures timely disbursement without delays.
- Average Payments: While the $1,900 figure represents an average, actual benefit amounts vary based on factors like lifetime earnings and the age at which benefits were claimed. For example:
- Retirees at age 62 receive smaller monthly checks (e.g., $2,710 max).
- Those who delayed claiming until age 70 could receive as much as $4,873 monthly, the highest possible benefit.
Payment Schedule for December 2024
The SSA distributes payments based on beneficiaries’ birthdates:
- December 11: Birthdays between the 1st and 10th.
- December 18: Birthdays between the 11th and 20th.
- December 24: Birthdays between the 21st and 31st.
Additionally, Supplemental Security Income (SSI) payments will be issued on Tuesday, December 31 for January 2025. This advance ensures payments arrive before the New Year’s holiday.
Cost-of-Living Adjustment (COLA) for 2025
Starting in January, beneficiaries will see a 2.5% increase in monthly payments, reflecting the annual COLA adjustment. This increase aims to offset inflation and ensure recipients maintain their purchasing power:
- The average monthly benefit for individual retirees will increase from $1,907 in 2024 to approximately $1,955 in 2025.
- SSI recipients will see their monthly benefits rise from an average of $943 to about $967.
What to Do If Your Payment Is Delayed
If your payment doesn’t arrive as scheduled, wait three business days before contacting the SSA. You can also check your payment status online via the My Social Security account portal.
How to Calculate Your Benefit with COLA
To estimate your adjusted benefit for 2025:
- Multiply your current benefit by 0.025.
- Add the result to your current monthly amount.
For instance, a retiree receiving $1,900 will receive an additional $47.50 monthly, totaling $1,947.50 starting in January 2025.
Planning Your Financial Future
The December payments and COLA increase can significantly ease financial burdens during the holidays and into the new year. Ensure your banking information with the SSA is up to date to avoid payment delays. For additional information, visit the official Social Security Administration website or contact their helpline.
This holiday season, the SSA’s efforts to adjust payment schedules and offer increased benefits highlight their commitment to providing financial stability for retirees, survivors, and disability beneficiaries.
