The Social Security Administration (SSA) is preparing for its final payment rounds for December 2024. These payments are crucial for retirees, survivors, and recipients of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). Here’s everything you need to know about who gets paid, how much, and when, especially as we approach the holiday season.
December 2024 Payment Schedule
The SSA typically follows a structured payment schedule based on the beneficiary’s date of birth:
- 1st–10th Birthdays: Payments are issued on the second Wednesday of the month (Dec. 11, 2024).
- 11th–20th Birthdays: Payments are issued on the third Wednesday (Dec. 18, 2024).
- 21st–31st Birthdays: Payments are normally made on the fourth Wednesday, but due to Christmas Day being a federal holiday, these payments will arrive early on Tuesday, Dec. 24, 2024.
Additionally, SSI beneficiaries will receive their January 2025 payment on Tuesday, Dec. 31, 2024, since Jan. 1 is also a federal holiday.
Who Will Receive $1,900?
The average Social Security payment for retirees in 2024 is approximately $1,907 per month. Those with higher lifetime earnings could see payments close to or above $1,900. The amount depends on factors like work history, earnings, and the age at which benefits were claimed. Beneficiaries with birth dates between Dec. 21–31 can expect their December payment early on Dec. 24.
2025 Cost-of-Living Adjustment (COLA)
Starting January 2025, payments will increase by 2.5% due to the annual COLA adjustment designed to offset inflation. Here’s how the increase impacts average monthly benefits:
- Individual retirees: Increase from $1,927 to $1,976.
- Couples receiving benefits: Increase from $3,014 to $3,089.
- SSI recipients: Adjusted to $967 for individuals and $1,450 for couples.
The updated payment amount, reflecting this increase, will appear in the SSI payment sent on Dec. 31, 2024.
What You Need to Know
- Early Recipients: If you started receiving Social Security benefits before May 1997, your payments are issued on the 3rd of the month, irrespective of birth date.
- Payment Notification: You can check your updated benefit amount and COLA adjustments through your SSA online account.
These adjustments ensure timely payments despite holidays, helping beneficiaries better manage their finances.
Maximizing Your Benefits
If you want to estimate your new payment for 2025, simply add 2.5% to your current benefit. The SSA mails updated benefit details or makes them available via its mySocialSecurity portal in December each year.
For more details, visit the official SSA website or contact your local Social Security office
