The money that Social Security recipients are entitled to receive will be deposited into their bank accounts this week, just before Christmas, giving them enough time to complete the purchase of the final items for Christmas dinner.
There are millions of people in the United States who rely on the monthly distribution system that has already been established, and these monies are their primary source of income.
Those who opt to retire at the age of 62 will be eligible to receive up to $2,710 per month until the year 2024, while those who retire at the age of 70 would receive a maximum benefit amount of $4,873 per month.
At the beginning of the year 2024, the typical monthly retirement benefits will amount to $407.
During the week of Christmas, a special delivery from Social Security
On this occasion, those born between the 21st and 31st of any month will see their deposits made on December 24, one day earlier than usual, because Christmas Day is a federal holiday.
Remember that the Social Security Administration (SSA) does not send deposits on holidays or weekends, but advances them to the nearest business day.
The agency clarifies that the advanced payment does not constitute a double payment, eliminating the need for beneficiaries to contact each other for clarification.
It is advisable to wait three business days before contacting SSA if payment is not reflected on time, as holidays and weekends are not considered business days.
Is It Too Late to Get Two SSA Checks in December 2024? Find Out Now!
Increases in Social Security Benefits in the Near Future
Looking ahead to the new year, there will be an increase in benefits distributed by the Social Security Administration starting in January. In October, a 2.5% increase was reported for all benefits to be distributed in 2025.
The following payments corresponding to January 2025, which come as an increase, will reach their beneficiaries on the following dates:
- January 3, 2025: Beneficiaries receiving Social Security since before May 1997, or those with Social Security and SSI, will see their payments adjusted to reflect the increased cost of living adjustment (COLA). The SSI payment will have been sent on December 31, 2024 (because January 1 is a holiday).
- January 8, 2025: Beneficiaries born between January 1 and January 10 will receive their cost-of-living adjusted payment on this date.
- January 15, 2025: Individuals born between the 11th and 20th of the month will receive payment with the new COLA.
- January 22, 2025: Finally, those born between January 21 and 31 will receive their adjusted benefits.
Big News for Disability Beneficiaries: Average Benefit Increase Kicks Off January 1
By 2025, maximum benefits, allocated with the COLA, will begin with the first payment of the year. People who have reached full retirement age will receive up to $4,018 annually, while those who choose to retire at age 70 will be able to receive a monthly check of $5,108.
The SSI benefit also reflects adjustments: up to $967 per month for individuals, $1,450 for eligible couples, and $484 for essential support personnel.
This adjustment guarantees a better adaptation of payments to the current cost of living, providing the necessary support to those who depend on these essential aids.