The Social Security Administration (SSA) has closed its payment schedule for 2024, benefiting more than 68 million Americans, including retirees, disability beneficiaries (SSDI), and survivors. Additionally, 7.5 million people will receive Supplemental Security Income (SSI). Some beneficiaries will receive both payments, depending on their eligibility.
Monthly SSA payments can be up to $4,018 per month, for an individual retiring at full retirement age. This amount depends on the contributions accumulated during your working life and your retirement age. The end of the year coincides with a period of critical financial planning, especially in light of the cost of living adjustment (COLA) that will be implemented in January 2025. This implies a significant adjustment in amounts.
The scheduled Payments in December have already ended: a January payment will arrive sooner
On December 24, the SSA just distributed payments to those who have benefits after May 1997 and were born between the 21st and 31st of any month. This scheduling ensures that retirees, SSDI beneficiaries, and survivors receive their payments on time, even during the holiday season. For SSI recipients, an advance payment will be made on December 31, reflecting the COLA adjustment for 2025.
The advance payment of SSI for the end of December, which corresponds to the first disbursement of 2025, is brought forward due to the January 1 holiday. The amount received varies significantly depending on employment contributions and retirement age. The average payment for a retiree is approximately $1,907 per month. Those who choose to retire at age 62 could receive up to $2,710. In contrast, those who wait until age 67 receive up to $3,822, and those who delay until age 70 can reach $4,873.
What Social Security payments to expect for January 2025
In January 2025, Social Security payments will be made on different dates, organized by the type of benefit and when you start receiving those benefits. For beneficiaries who began receiving Social Security before May 1997, payment will be made on January 3, 2025.
For those American citizens and qualified residents who receive Social Security benefits and whose start date is after May 1997, payments are distributed based on date of birth. Those born between the 1st and the 10th of any month will receive their payment on January 08, 2025. Those with birthdates between the 11th and the 20th will receive the payment on January 15, 2025. Finally, those born between the 21st and On the 31st you will see your payment reflected on January 22, 2025.
For Supplemental Security Income (SSI) beneficiaries, the payment for February 2025 will be made in advance on January 31. This advance is due to the fact that February 1 is a Saturday, and the SSA does not pay benefits on weekends or holidays.