Big Update: Social Security Payments and December 11’s Major Payouts – Don’t Miss Out

As we reach the end of 2024, Social Security claimants eagerly await their December checks. This year’s schedule has certain unique peculiarities and crucial dates that recipients should be aware of, particularly as we look ahead to the changes in 2025. Let’s see what Social Security beneficiaries can expect in the coming weeks and months.

December 2024 Payment Schedule:

The Social Security Administration (SSA) has established certain dates for December payments that vary according on the type of benefit and the recipient’s birth date. Here’s an overview of the main dates:

• Supplemental Security Income (SSI) beneficiaries received their December payments early because December 1 fell on a Sunday.
• December 3, 2024: Beneficiaries who began receiving Social Security before May 1997 received their payouts.
• December 11, 2024: This is an important date for several recipients. Those born between the first and tenth of any month will receive their payments on this date.
• December 18, 2024: Beneficiaries born between the 11th and 20th of the month will receive cheques.
• December 24, 2024: Those born between the 21st and the 31st will receive their perks just before Christmas.

Moving Further: Modifications in 2025:

As we approach the new year, Social Security recipients should anticipate specific changes:

• New COLA for 2025: The SSA has announced a 2.5% COLA in 2025. While this is smaller than in previous years, it does represent an increase in benefits.
• Increased Average Benefit: With the increased COLA, the monthly benefit will grow to almost $1,970 by 2025.
• Early COLA Implementation for Some: Most beneficiaries will get the revised COLA in their January 2025 check. However, SSI recipients will notice an increase in their payment on December 31, 2024, technically their January 2025 benefit paid early.
• Changes to the Income threshold: The Social Security tax threshold for existing employees will rise to $176,100 in 2025, up from $168,600 in 2024.

Payment Schedule For Early 2025:

The payment plan for the beginning of 2025 is as follows.

• December 31, 2024: SSI recipients receive their January 2025 payment (with the revised COLA).
• January 3, 2025: Payment to people who receive both Social Security and SSI or who began receiving payments before May 1997.
• January 8, 2025: For people born between the first and tenth of the month.
• January 15, 2025: For those born on the 11th through 20th of the month.
• January 22, 2025: For those born on the 21st to 31st of the month.

What Should Recipients Know?

• Check Your issue: The Social Security Administration will issue COLA letters throughout December 2024.
• Starting in early December, beneficiaries can see their COLA notice online using their own my Social Security account.
• Patience is key. The Social Security Administration urges that consumers wait until January to contact them about their notices so that all information in their systems may be properly updated.
• Be aware of calendar quirks. As we saw with the December payments, the individual day of the week can influence when payments are received, particularly around holidays.
• Prepare for the New Year: With the new COLA going into effect in January, now is a good time to examine and adjust your budget accordingly.