Final Social Security Payday of the Year! See Who’s Pocketing $1,900 Just Before Christmas

The Social Security Administration (SSA) is preparing to issue its final payments for December 2024, impacting nearly 73 million Americans. These payments cover a wide range of beneficiaries, including retired workers, survivors, disability insurance recipients, and those receiving Supplemental Security Income (SSI). Adjustments to the payment schedule have been made this month due to the Christmas and New Year holidays.

December Payment Schedule Explained

The SSA follows a structured schedule to distribute payments, which varies based on the beneficiary’s birth date and type of benefit. Here’s how the December payments will roll out:

Retirement Payments:

• Birth dates between the 1st and 10th: Payments issued on Friday, December 13.
• Birth dates between the 11th and 20th: Payments issued on Friday, December 20.
• Birth dates between the 21st and 31st: Payments moved up to Tuesday, December 24, to accommodate the Christmas holiday.

SSI Payments:

• Regular monthly SSI payments are typically issued on the 1st of the month.
• The January 2025 payment will be advanced to Tuesday, December 31, 2024, due to the New Year’s holiday. This payment will reflect the 2.5% Cost of Living Adjustment (COLA) for 2025.

Exceptions:
Beneficiaries who began receiving retirement payments before May 1997 are on a different schedule and will receive their payments on December 3, regardless of birth date.

Benefit Amounts and COLA Adjustments

The amount beneficiaries receive depends on their work history and the age at which they began claiming benefits. Here are the 2024 averages:

• Individual retirees: $1,907/month.
• Retired couples: $3,303/month.
• SSI recipients (individuals): $943/month.
• SSI recipients (couples): $1,415/month.

With the 2.5% COLA increase beginning in January 2025, average monthly payments will rise as follows:

• Individual retirees: $1,955/month.
• Retired couples: $3,385/month.
• SSI recipients (individuals): $967/month.
• SSI recipients (couples): $1,450/month.

Example Calculation:
If a beneficiary currently receives $1,800/month, the 2.5% COLA adjustment will increase their payment by $45, bringing it to $1,845/month in January 2025.

Tips for Year-End Planning

To ensure timely and accurate payments, beneficiaries should:

1. Log in to their SSA online account to verify personal details.
2. Update banking or mailing information as needed.
3. Contact SSA customer service for any assistance.

Key reminders include:

• December 24 payments apply to retirees born between December 21 and December 31.
• December 31 payments for SSI recipients will already include the COLA adjustment for January 2025.
• Beneficiaries on the pre-May 1997 schedule will receive payments on December 3 as usual.

For more information on schedules, benefit amounts, or the COLA adjustment, visit the official SSA website. This resource offers comprehensive guidance to help you manage your benefits effectively.