The Social Security Administration (SSA) deposits continue in December, with payments of up to $4,873 reaching millions of Americans who are anxiously awaiting their bank deposits.
The Social Security benefits schedule for retirees for December already began on the 11th, when those people whose birthdays between the 1st and 10th of any month received their money, and then there are no more payments scheduled for this week
Social Security payments continue next Wednesday
Last week’s payment was the second of the month, after checks were also paid on December 3rd to those individuals who claimed their benefits before May 1997 (the date they were also paid to those who receive both SSI and Social Security). Oh, by the way, the Supplemental Security Income (SSI) payment had to be brought forward to November 29th, because December 1st fell on a weekend.
With all that out of the way, two more payments are pending this month, at least according to the Social Security Administration’s (SSA) standard schedule:
- Beneficiaries born between the 11th and the 20th: Receive their deposit on December 18th.
- Beneficiaries born after the 21st: Payment scheduled for December 24th. Normally, this should go on December 25th, but being a national holiday, the payment should be moved one day in advance.
Furthermore, a 2025 SSI payment will be advanced this month: According to the SSA, an adjustment is anticipated for January SSI payments. Since January 1, 2025 is a federal holiday, deposits will arrive on December 31, 2024. According to the SSA, this advance does not represent a duplicate payment, but rather a measure to avoid delays.
Maximum benefits according to retirement age until December 2024
The maximum monthly benefit amount depends on the age at which the beneficiary chooses to begin receiving them:
- Retirement at 70 years old: Maximum of $4,873 in 2024.
- Retirement at full age (67 years for most): Maximum of $3,822.
- Early retirement (62 years old): Maximum of $2,710.
Remember that, starting in January 2025, benefits will be achieved by the cost of living adjustment (COLA), a calculation that the SSA makes so that benefits do not lose purchasing power in the face of inflation: the percentage increase in This year it will be 2.5%, slightly lower than last year which was 3.2%.
Still, if you want to reach the maximum retirement benefit, financial experts recommend delaying claiming payments until full retirement age (FRA) or later, trying to have income that is closer to the high threshold established by the SSA, having reached the taxable income cap, which in 2024 is $168,600.
By mid-2024, the average check for Social Security beneficiaries was $1,916.63. To qualify, it is necessary to accumulate at least 10 years of work or 40 work credits. Benefits are financed through Social Security taxes, with a rate of 6.2% for workers and employers (12.4% for the self-employed).