Millions of Americans are set to receive Social Security payments this week, with deposits of up to $4,873 scheduled for disbursement.
These payments, critical to retirees, disabled individuals, and Supplemental Security Income (SSI) recipients, are a part of the Social Security Administration’s (SSA) monthly benefit distribution schedule.
Here’s everything you need to know about the payments, eligibility, and what to expect this week.
Who Will Receive Payments This Week?
The SSA distributes Social Security payments based on the birth dates of recipients. Here’s a breakdown of the schedule:
- December 11: Payments for individuals with birthdays between the 1st and 10th of any month.
- December 18: Payments for birthdays falling between the 11th and 20th.
- December 24: Payments for those born between the 21st and 31st.
Additionally, SSI recipients and those who have been receiving benefits since May 1997 have already received their payments earlier this month.
Payment Highlights for December 2024
| Payment Type | Date | Who Receives It |
|---|---|---|
| SSI Payments | December 31, 2024 | All eligible SSI recipients (January 2025 payment) |
| Retirement Benefits | December 11, 18, 24 | Based on recipient birth dates |
How Much Will Recipients Get?
The amount you receive depends on your eligibility, age, and work history.
1. Maximum Benefits
- Age 70: Individuals retiring at 70 in 2024 can receive the maximum monthly benefit of $4,873.
- Age 62: Early retirees at 62 can expect a maximum monthly payment of $2,710.
2. Average Monthly Payments
- The average monthly benefit for Social Security retirement recipients in 2024 is $1,907.
What to Know About the COLA Increase for 2025
Starting January 2025, Social Security beneficiaries will see a 2.5% increase in their payments due to the Cost of Living Adjustment (COLA).
- COLA Impact: Designed to match benefits with inflation, the COLA helps ensure recipients maintain their purchasing power.
- Effective Dates: Increased payments for nearly 68 million beneficiaries begin in January 2025, while 7.5 million SSI recipients will see their adjustments on December 31, 2024.
The 2025 COLA is modest compared to the 2023 adjustment of 8.7%, which followed record-high inflation during the pandemic.
What to Do If You Don’t Receive Your Payment?
If your payment doesn’t arrive on the scheduled date, the SSA recommends waiting three working days before contacting them. Note that Saturdays, Sundays, and public holidays are not considered working days.
Steps to Take:
- Verify your payment date based on your birth date.
- Check your bank account for direct deposits or mail for paper checks.
- If your payment is still missing, contact the SSA directly for assistance.
Important Changes for SSI Payments
SSI payments for January 2025 will be made earlier than usual due to the New Year’s Day holiday. These payments will arrive on December 31, 2024, ensuring recipients have access to funds without delays caused by the holiday.
The Social Security deposits of up to $4,873 this week underscore the critical role these payments play in supporting retirees, disabled individuals, and low-income families.
With the COLA adjustment for 2025 providing a slight boost, beneficiaries can look forward to increased payments in the coming year. Stay informed about your payment schedule and eligibility to ensure you receive the benefits you’re entitled to.
FAQs
1. Who qualifies for the $4,873 payment?
Individuals retiring at age 70 in 2024 are eligible for the maximum Social Security benefit of $4,873 per month, provided they have met the required work credits and contribution thresholds.
2. When will I receive my Social Security payment this month?
Payments are distributed as follows:
December 11: Birthdays between the 1st and 10th.
December 18: Birthdays between the 11th and 20th.
December 24: Birthdays between the 21st and 31st.
3. What is the COLA increase for 2025?
The 2025 COLA increase is 2.5%, resulting in slightly higher payments for Social Security beneficiaries starting in January 2025.
