It has been confirmed by the state of California that those who are fortunate enough to receive Social Security benefits will see an increase in their payouts commencing on December 30, 2024.
As part of the Cost of Living Adjustment (COLA) that will be implemented in the United States for the year 2025, this 2.5% rise has been implemented.
In order to guarantee that beneficiaries would keep their purchasing power, the cost-of-living adjustment (COLA) is calculated depending on the rates of inflation.
The Payment Due as of December 30th, 2024
Supplemental Security Income (SSI) will be the first payment to reflect this increase, which will take effect immediately. Due to the fact that New Year’s Day is a holiday, this payment, which was originally planned to take place on January 1, has been rescheduled to December 30.
More than a million people in California and across the country will benefit from this modification, particularly those who rely on these monies to meet their fundamental need.
Types of Social Security Benefits
The Social Security program encompasses several types of benefits, all of which will see the 2.5% increase:
- Retirement Benefits: For individuals who have reached retirement age and contributed to the system during their working years.
- Disability Insurance (SSDI): For individuals unable to work due to a long-term disability.
Supplemental Security Income (SSI): For low-income individuals, including seniors and people with disabilities. - Survivor Benefits: Payments made to family members of deceased workers.
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January 2025 Payment Schedule
Social Security payments are distributed based on the beneficiary’s birthdate. Here is the schedule for January 2025:
- January 3: Payments for those who receive benefits before May 1997 or who also receive SSI.
- January 8: Beneficiaries born between the 1st and 10th of the month.
- January 15: Beneficiaries born between the 11th and 20th of the month.
- January 22: Beneficiaries born between the 21st and 31st of the month.
The COLA increase will be reflected in all these payments.
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Impact both in California and across the country
This modification will have a considerable influence on the state of California, which is home to more than six million people who receive Social Security benefits.
The increase, on the other hand, is a nationwide policy that will enable more than seventy million people across the United States to benefit.
This modification is intended to alleviate the financial strain that Americans are experiencing as a result of growing costs of living, therefore strengthening the commitment to provide assistance to the most disadvantaged residents of the nation.
If you would like additional information regarding your payments, you can go to the official website of the Social Security Administration (SSA).