This week, just before Christmas, Social Security beneficiaries will see their payments hit their bank accounts in time to finish purchasing the last ingredients for Christmas dinner. These funds are a primary source of income for millions of Americans, who depend on the already established monthly distribution system.
In 2024, the maximum benefit amount for those who retire at age 70 will be $4,873 per month, while those who choose to retire at age 62 can receive up to $2,710. In January 2024, average monthly retirement benefits will be $1,907.
Special Social Security delivery for Christmas week
On this occasion, those born between the 21st and 31st of any month will see their deposits made on December 24, one day earlier than usual, because Christmas Day is a federal holiday. Remember that the Social Security Administration (SSA) does not send deposits on holidays or weekends, but advances them to the nearest business day.
The agency clarifies that the advanced payment does not constitute a double payment, eliminating the need for beneficiaries to contact each other for clarification. It is advisable to wait three business days before contacting SSA if payment is not reflected on time, as holidays and weekends are not considered business days.
Future Social Security Benefit Increases
Looking ahead to the new year, there will be an increase in benefits distributed by the Social Security Administration starting in January. In October, a 2.5% increase was reported for all benefits to be distributed in 2025.
The following payments corresponding to January 2025, which come as an increase, will reach their beneficiaries on the following dates:
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- January 3, 2025: Beneficiaries receiving Social Security since before May 1997, or those with Social Security and SSI, will see their payments adjusted to reflect the increased cost of living adjustment (COLA). The SSI payment will have been sent on December 31, 2024 (because January 1 is a holiday).
- January 8, 2025: Beneficiaries born between January 1 and January 10 will receive their cost-of-living adjusted payment on this date.
- January 15, 2025: Individuals born between the 11th and 20th of the month will receive payment with the new COLA.
- January 22, 2025: Finally, those born between January 21 and 31 will receive their adjusted benefits.
By 2025, maximum benefits, allocated with the COLA, will begin with the first payment of the year. People who have reached full retirement age will receive up to $4,018 annually, while those who choose to retire at age 70 will be able to receive a monthly check of $5,108.
The SSI benefit also reflects adjustments: up to $967 per month for individuals, $1,450 for eligible couples, and $484 for essential support personnel. This adjustment guarantees a better adaptation of payments to the current cost of living, providing the necessary support to those who depend on these essential aids.