In a matter of a few hours, millions of Social Security beneficiaries’ bank accounts will receive an infusion of funds when the Social Security Administration (SSA) conducts the first of three rounds it must conduct this month for retired or surviving beneficiaries of these.
The payments are now ready to be sent, all that remains is for the date to arrive: it will be December 11, and it is for those people who receive Social Security whose birthday is between the 1st and 10th of any given month. Of course, this is for beneficiaries who claimed their benefits after May 1997. Those who claimed before that month saw their money arrive on December 3rd.
If your Social payment is not scheduled for this Wednesday, don’t worry: here is the answer
If your birthday is after the 11th of any month, and you claimed your payments after May 1997, the SSA schedule for December 2024 is completed with three more payment dates, the third being a calendar quirk:
- December 18: Payments for those born between the 11th and 20th and meet post-May 1997 eligibility criteria.
- December 24: Payments for beneficiaries born between the 21st and 31st, advanced for the Christmas holiday on December 25th.
- December 29: Additional payment of Supplemental Security Income (SSI), corresponding to the month of January 2025, because January 1 is the New Year and is a holiday.
The longer you wait, the more benefits you will receive per month
The Social Security benefit structure in 2024 presents an ascending curve depending on retirement age. Those who choose to retire late at age 70 will be able to maximize their monthly income, reaching a cap of $4,873.
Now, in the opposite direction of a longer wait, an early withdrawal at age 62 will result in a smaller initial benefit, with a ceiling of $2,710. Importantly, the average monthly benefit for beneficiaries in January 2024 stood at $1,907, offering a benchmark for individual projections.
Changes coming over the Social Security benefits
Inflation gives no respite to recipients of Social Security benefits. To keep your benefits giving you the same purchasing power, Social Security and other programs adjust your payments each year. This adjustment, called cost of living adjustment (COLA), ensures that you can buy the same thing despite rising prices. Although the latest 2.5% COLA will be reflected in your pocket from January 2025, the previous increase is already making a big difference in the lives of millions of people.
The mechanism ensures that benefits from social programs such as Social Security maintain their purchasing value over time. This adjustment, which is calculated annually based on the consumer price index, protects beneficiaries from the erosive effects of inflation. Although the recent 2.5% increase in the Social Security COLA will take effect beginning in January 2025, prior adjustments have played a crucial role in mitigating the economic impacts of inflation on beneficiaries.