The Social Security Administration (SSA) has confirmed a major upcoming payment for beneficiaries of retirement, survivor, and disability insurance (RSDI) programs. On December 18th, retirees born between the 11th and 20th will receive their benefits, which may be as high as $4,873 for those who delayed their retirement to maximize payouts.
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This payment marks the second-to-last round for December, with one final payment scheduled for individuals born between the 21st and 31st later in the month. In addition to these regular payments, beneficiaries of Supplemental Security Income (SSI) can look forward to a bonus payment on December 31st, ushering in the 2.5% Cost-of-Living Adjustment (COLA) increase for 2025.
Next $4,873 Payment on December 18
On December 18th, retirees, survivors, and disabled Americans who applied for benefits after May 1997 and were born between the 11th and 20th will receive their next monthly Social Security payment. The payment amount varies widely depending on factors such as:
- Retirement Age: The age at which you began collecting benefits greatly impacts your monthly payment.
- Payroll Taxes Paid: The amount of Social Security taxes paid over your working years determines your benefit.
Monthly Payment Breakdown:
- Early Retirement (Age 62): Benefits capped at $2,710 per month, with most recipients earning closer to $1,900 on average.
- Full Retirement Age (FRA – Age 67): Payments increase up to $3,822 for those who wait until FRA to claim benefits.
- Maximum Retirement Age (Age 70): Those who delay retirement until age 70 and have consistently paid the highest Social Security tax rate over their careers may qualify for the maximum benefit of $4,873 per month.
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December Bonus: Early SSI Payment on New Year’s Eve
Supplemental Security Income (SSI) beneficiaries will receive an extra payment on December 31st, 2024, due to the January 1st holiday. This payment will include the 2.5% COLA increase for 2025, making SSI recipients the first to benefit from the adjustment.
SSI Payment Breakdown (Post-COLA):
| Category | Current | New Payment |
|---|---|---|
| Individuals | $943 | $967 |
| Couples | $1,415 | $1,451 |
| Essential Persons | $472 | $484 |
This early SSI payment ensures beneficiaries have funds to manage expenses heading into the new year.
Social Security Payment Dates for 2025
Increased Social Security payments for retirees, survivors, and disabled individuals under the RSDI program will follow the updated schedule starting January 2025:
- January 3rd:
- Beneficiaries who claimed benefits before May 1997, regardless of birthdate, will receive their payments on this date.
- January 8th:
- Beneficiaries who applied after May 1997 with birthdates between the 1st and 10th will receive their payments.
- January 15th:
- Payments will be sent to beneficiaries with birthdates between the 11th and 20th.
- January 22nd:
- The final payment of the month is for those born between the 21st and 31st.
Key Takeaways
- Maximizing Benefits: To qualify for higher benefits, delay retirement until age 70 and ensure you pay the highest Social Security taxes throughout your working life.
- Bonus Payment on December 31st: SSI recipients will receive an additional payment with the COLA increase.
- Know Your Schedule: Be aware of your specific Social Security payment dates to plan your finances effectively.
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Final Thoughts
The December 18th payment and New Year’s Eve SSI bonus signal a strong end to 2024 and a positive start to 2025 for millions of Americans. With the 2.5% COLA increase, beneficiaries can expect increased financial stability in the year ahead. Stay informed of these payment schedules and consult a Social Security expert to ensure you’re maximizing your benefits!
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