As 2024 is coming to a festive closing, the Social Security system and one of its program, the Supplemental Security Income (SSI) recipients should be aware of important payment dates that will provide crucial financial support during the holiday season.
The last Social Security deposit for the year 2024 is already scheduled for December 24, a small change from the usual schedule. This adjustment has been made because December 25 falls on a national holiday, and the Social Security Administration (SSA) does not issue payments on weekends or holidays. Therefore, retirees will receive their benefits one day earlier than expected.
Social Security payment for Retirees: Up to $4,873 for those who qualify
On December 24, payments will be issued to retirees who were born between the 21st and 31st of any month, and who applied for their benefits after May 1997. This specific schedule is significant, as it reflects the SSA’s structured approach to dispense benefits according to the dates of birth of the beneficiaries. For these people, receiving their payment before Christmas ensures that they have the necessary funds to celebrate and manage any additional costs that arise during the festive season.
Later, on December 31, 2024, SSI beneficiaries will receive their monthly benefits. This payment is made in advance, since January 1, 2025 is also a holiday. The adjustment allows SSI recipients to obtain their funds without experiencing interruptions at a time that is typically filled with increased financial demands.
As for benefit amounts, the maximum Social Security retirement benefit in 2024 is set at $4,873 per month. To qualify for this maximum amount, individuals must retire at age 70 and have earned the highest wage covered by Social Security for a minimum of 35 years.
For those who choose to retire at their full retirement age (FRA), which ranges between 66 and 67 depending on the year of birth, the maximum monthly benefit they can receive is $3,822. On the other hand, people who choose to retire at the earliest possible age of 62 will be eligible for a maximum monthly benefit of $2,710.
SSI Scheduled for December 31, 2024
Additionally, looking ahead, the maximum federal SSI benefit for 2025 will be adjusted to reflect the changing needs of beneficiaries. For individuals, the maximum benefit will be $967 per month, while married couples can expect a combined total of $1,450. Additionally, an essential person, who is generally a caregiver or someone who provides comprehensive support to an SSI recipient, will receive a maximum of $484 per month.
The increase is due to the cost of living increase (COLA) which will be 2.5% by 2025. Officially, the increase should occur from January 1, but due to the policy of no payments on holidays, the first of these payments increased will be on December 31, as we have just reported.