As 2024 concludes, it’s essential to understand the upcoming changes to Social Security benefits, including the December payment schedule and the Cost-of-Living Adjustment (COLA) for 2025. Here’s what beneficiaries can expect:
December 2024 Payment Schedule
Social Security payments are typically distributed based on birth dates:
- Second Wednesday (December 11, 2024): Beneficiaries born between the 1st and 10th of any month.
- Third Wednesday (December 18, 2024): Those born between the 11th and 20th.
- Fourth Wednesday (December 25, 2024): Individuals born between the 21st and 31st.
For Supplemental Security Income (SSI) recipients, payments are usually made on the first of each month. However, due to January 1, 2025, being a federal holiday, the January SSI payment will be issued on December 31, 2024.
2025 Cost-of-Living Adjustment (COLA)
The Social Security Administration (SSA) has announced a 2.5% COLA increase for 2025, aimed at offsetting inflation and maintaining beneficiaries’ purchasing power. This adjustment will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025. Increased payments to nearly 7.5 million SSI recipients will start on December 31, 2024. Social Security Blog
Impact on Benefit Amounts
The COLA increase means that beneficiaries will see a rise in their monthly payments. For example, SSI recipients, who previously received an average monthly payment of $943, will see an increase to $967 as of December 31, 2024.
Checking Your New Benefit Amount
Beneficiaries can view their specific benefit amounts by accessing their personal “my Social Security” account online. The SSA is also mailing COLA notices throughout December, detailing the new benefit amounts for 2025.
Payment Schedule for January 2025
The January 2025 payments, reflecting the new COLA, will follow this schedule:
- December 31, 2024: SSI recipients receive their payment for January 2025.
- January 3, 2025: Beneficiaries who began receiving benefits before May 1997 or who receive both Social Security and SSI.
- January 8, 2025: Beneficiaries born between the 1st and 10th of any month.
- January 15, 2025: Those born between the 11th and 20th.
- January 22, 2025: Individuals born between the 21st and 31st. CBS News
Staying Informed
It’s crucial for beneficiaries to stay informed about their benefits and any changes to the Social Security program. Regularly checking the SSA’s official website and maintaining an active “my Social Security” account can provide timely updates and personalized information.
Conclusion
Understanding the December 2024 payment schedule and the upcoming 2.5% COLA increase for 2025 is vital for effective financial planning. By staying informed and proactive, beneficiaries can ensure they receive their entitled benefits and adjust their budgets accordingly.
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