Social Security Payment Date for Retirees with New Check Increase December 2024 Social Security its Officially announced the payment Schedule for Retirees with New Check Increase December 2024.
What are Social Security Benefits?
Social Security, officially known as the Old Age, Survivors, and Disability Insurance (OASDI) program, provides monthly monetary benefits to qualified workers and their dependents (if any). Employees, employers, and the self-employed finance these benefits with their Social Security taxes, which are then put into two Social Security trust funds. Eligibility and benefit amounts are based on an individual’s contributions to Social Security and work history (or that of their spouse/parent(s).
Social Security Announces First Payment for 2025
Although the exact COLA percentage for 2025 is not yet official, estimates from the Senior Citizens League show a potential 2.5% increase. In order to ensure that recipients maintain their purchasing power, this adjustment was designed to help offset inflation.
The COLA will apply to both Retirement, Survivor, and Disability Insurance (RSDI) and Supplemental Security Income (SSI) beneficiaries, with the first payments showing the increase scheduled for late December 2024.
Social Security First Payment Details
SSA checks are issued according to a specified schedule that takes into account a number of variables, such as date of birth, type of benefit, and eligibility. Because January 1st is a federal holiday, the first payment for SSI beneficiaries displaying the COLA increase will be made on December 31, 2024.
Checks for other beneficiaries will be sent out on specific Wednesdays in January, based on their date of birth and the time they filed for benefits.
Social Security Increase and Benefit Adjustments
- The average monthly retirement benefit of $1,900 will increase to about $1,948, an additional $48 per month, assuming a 2.5% COLA.
- Payments to retirees who filed at age 62 could increase by $68, and those who file at full retirement age (67) will receive an extra $96.
- The highest benefit recipients, retirees at age 70, are expected to see a $122 increase in their monthly payments.
- The increase for recipients of disability benefits is going to vary according to their particular circumstances, but on average, payments will increase by $38 to $96.
Social Security Payment Distribution by Date
For 2025, the SSA has provided a detailed payment schedule. Those who qualify for RSDI and SSI benefits will begin receiving their payments as early as December 31, with additional payments scheduled for specific Wednesdays in January based on beneficiaries birthdates.
| Category | Payment Date | Birthdates |
|---|---|---|
| Initial Payment | December 31, 2024 | SSI beneficiaries |
| 1st Payment Group | January 8, 2025 | Born 1st – 10th |
| 2nd Payment Group | January 12, 2025 | Born 11th – 20th |
| 3rd Payment Group | January 22, 2025 | Born 21st – 31st |
Impact of COLA on Social Security Benefits
- Depending on the kind of benefit, different effects will ultimately result from the COLA increase.
- The monthly benefits checks for blind beneficiaries, disabled workers, and retirees will all increase, giving them more financial support.
- For example, there will be a $96 increase in the maximum disability benefit and a $35 increase in Supplemental Security Income for couples.
- However the expected increase is slightly low, the COLA adjustment aims to make sure that the benefits maintain up with inflation, helping beneficiaries manage higher expenses in 2025.
