Millions of Americans will receive their Social Security payments this week, with deposits scheduled to hit accounts based on beneficiaries’ birth dates. Here’s everything you need to know about the December 2024 payment schedule, upcoming changes, and what it means for recipients.
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December 2024 Payment Schedule
The Social Security Administration (SSA) distributes benefits in waves, depending on when beneficiaries were born:
- December 11: Payments for those with birthdays falling between the 1st and 10th of any month.
- December 18: Payments for birthdays between the 11th and 20th of any month.
- December 24: Payments for birthdays between the 21st and 31st of any month.
Additionally:
- Supplemental Security Income (SSI) payments were sent at the end of November.
- Retirement benefits for long-term beneficiaries (those receiving since May 1997) were paid on December 3.
Changes to SSI Payment Schedule for January 2025
SSI recipients typically receive their payments on the first of each month, but due to the New Year’s Day federal holiday, January’s payment will arrive a day earlier, on December 31, 2024.
The SSA clarified:
“This adjustment ensures recipients are not financially disadvantaged due to the holiday. It does not constitute a duplicate payment.”
If a payment doesn’t arrive as expected, beneficiaries are advised to wait three working days before contacting the SSA. Public holidays and weekends are not considered working days.
Maximum Social Security Payments in 2024
For individuals retiring at different ages, benefits vary:
- Age 70: Maximum monthly benefit is $4,873.
- Age 62 (earliest eligibility): Maximum benefit is $2,710.
- Average retirement benefit: As of January 2024, stands at $1,907 per month.
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2025 Cost of Living Adjustment (COLA)
Starting January 2025, Social Security recipients will see a modest increase in their benefits due to the 2.5% Cost of Living Adjustment (COLA).
- COLA Impact:
- Benefits for nearly 68 million Social Security recipients will increase in January 2025.
- Increased SSI payments for approximately 7.5 million recipients will begin on December 31, 2024.
- Why the COLA Is Smaller for 2025:
- The 2025 adjustment reflects lower inflation rates compared to the historic 8.7% COLA seen in 2023. That increase was prompted by high inflation during the COVID-19 pandemic, which peaked at 9.2% in 2022.
Key Takeaways
- Plan for Payments: Ensure you’re aware of your payment schedule and check your accounts accordingly.
- Understand COLA Adjustments: While 2025’s COLA increase is modest, it ensures that benefits remain aligned with inflationary trends.
- Monitor Payment Issues: If payments are delayed, contact the SSA after three business days to resolve issues.
As inflation continues to stabilize, the SSA remains committed to providing financial security for millions of Americans. Be sure to keep an eye on your upcoming payments and any adjustments that could impact your benefits in the New Year.
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