As the holiday season approaches, millions of Social Security beneficiaries are eager to know the final details regarding their payments. For many, Social Security benefits serve as a vital source of income, and understanding when and how these payments will be issued in December is essential for planning holiday expenses. Here’s everything you need to know about Social Security payments before the holidays in 2024.
Social Security Payment Dates for December 2024
Social Security payments are issued according to a specific schedule each month. The payment date is determined by the beneficiary’s birth date and whether they are receiving Social Security retirement, disability, or survivor benefits. For December 2024, the payment schedule is as follows:
- December 11: Beneficiaries born between the 1st and 10th of the month will receive their payment on this date.
- December 18: Beneficiaries born between the 11th and 20th of the month will receive their payment on this date.
- December 25: Beneficiaries born between the 21st and 31st of the month will receive their payment on this date. However, since December 25th is a holiday, the payment will be made on December 26th.
It’s important to note that Social Security payments are made on the second, third, and fourth Wednesdays of each month for those who began receiving benefits before May 1997. For those who began receiving benefits after that, the payment dates will depend on their birth date.
Cost-of-Living Adjustment (COLA) for 2024
Social Security beneficiaries will notice a 3.2% cost-of-living adjustment (COLA) applied to their monthly payments in 2024. This adjustment was made to help retirees, disabled workers, and other beneficiaries keep up with inflation and rising costs of living. The COLA increase has been one of the largest since 2008, offering much-needed relief to many recipients.
For the average retiree, this means an increase of about $59 per month in benefits, bringing the total to approximately $1,800 per month. Disabled workers will also see similar increases in their monthly payments. While this boost is welcomed, many still find that it’s not enough to keep up with the increased costs of healthcare, housing, and other expenses.
Impact of the Holidays on Direct Deposits
With the holiday season upon us, many people rely on direct deposit to receive their payments promptly. If you haven’t already signed up for direct deposit, it’s a good idea to do so before the end of the year. The U.S. Treasury Department encourages direct deposit because it’s faster and more secure than paper checks.
Direct deposit payments are processed faster than mailed checks, and for those on the December 25 payment date, receiving your payment on December 26th via direct deposit ensures there won’t be any holiday delays. For paper check recipients, you might want to consider additional time for the mail system to deliver payments due to the increased holiday mail volume.
Special Payments for Supplemental Security Income (SSI)
In addition to Social Security retirement, disability, and survivor benefits, those receiving Supplemental Security Income (SSI) will also be paid before the holidays. SSI payments for December will be issued on December 1st for individuals receiving benefits. As with Social Security payments, beneficiaries can expect their payment to reflect the COLA increase as well as any other applicable adjustments.
What to Do if Your Payment Is Late
If you are expecting a Social Security payment and it doesn’t arrive as scheduled, there are a few steps you can take:
- Check Your Payment Status: You can visit the official Social Security Administration website and use the “my Social Security” online portal to check the status of your payment.
- Contact Your Bank or Credit Union: Sometimes delays can happen due to banking issues, so it’s a good idea to verify with your financial institution.
- Call the SSA: If your payment is still missing, contact the Social Security Administration at their toll-free number: 1-800-772-1213. The SSA can help you track down your payment and resolve any issues.
Conclusion
As we approach the end of the year, Social Security recipients should be prepared for their final payments of 2024, including the 3.2% COLA increase and the scheduled payment dates. Be sure to keep an eye on your payment schedule, especially with the holidays and possible delays. For those still receiving paper checks, switching to direct deposit may provide a faster, more secure option.
For more information on Social Security payment schedules and COLA adjustments, visit the official Social Security Administration website.
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