As we approach the end of 2024, millions of Americans are eagerly anticipating the Cost-of-Living Adjustment (COLA) increase in their Social Security benefits.
However, Social Security has announced that there will be no increase for retirees or Disability Insurance beneficiaries in 2024.
The increase will only be implemented in 2025. Yet, there is some good news for Supplemental Security Income (SSI) recipients who will see their COLA boost on December 31, 2024, instead of waiting until the new year.
December Payment Details
Key Dates
The final Social Security payment for retirees and SSDI recipients before the 2025 COLA increase will be on December 24, 2024. To be eligible for this payment, you must meet specific criteria:
- Birthday Requirement: You must have been born after the 20th of the month.
- Start Date: You must have started receiving Social Security benefits after April 30, 1997.
- Exclusions: You should not be collecting Supplemental Security Income (SSI).
Payment Schedule
Before the December 24 payment, Social Security payments will be distributed on the second and third Wednesday of the month, December 11 and December 18, respectively. The last retirement or SSDI payment, which would have been on December 25, will be issued on the 24th due to the federal holiday.
| Date | Eligible Recipients | Payment Type |
|---|---|---|
| December 11 | General Social Security Payments | Regular Payment |
| December 18 | General Social Security Payments | Regular Payment |
| December 24 | Retirees & SSDI (born after 20th) | Pre-COLA Payment |
January 2025 Payments with COLA
Initial Payment
The first payment with the 2025 COLA increase will be sent out on January 3, 2025. This payment date applies to those who receive both SSI and Social Security benefits.
Subsequent Payments
For those who do not qualify for the January 3 payment, the subsequent payments will be distributed based on your birth date. Here is the payment schedule:
- January 8: For those born on the 1st-10th of the month
- January 15: For those born on the 11th-20th of the month
- January 22: For those born on the 21st-31st of the month
| Date | Birth Dates | Payment Type |
|---|---|---|
| January 3 | SSI and Social Security | COLA Payment |
| January 8 | Born 1st-10th | Regular Payment |
| January 15 | Born 11th-20th | Regular Payment |
| January 22 | Born 21st-31st | Regular Payment |
COLA Projections
Current projections for the 2025 COLA indicate that the increase may be lower than in previous years. While this might seem like less good news, it is expected to be higher than the average COLAs, helping retirees and SSDI recipients maintain their purchasing power amid rising costs of living.
In summary, the final Social Security payment before the 2025 COLA boost will be on December 24, 2024, with the first COLA-increased payment scheduled for January 3, 2025.
Understanding these changes and the new payment schedule will help beneficiaries better manage their finances as the new year approaches.
FAQs
When is the last Social Security payment before the 2025 COLA increase?
The last payment will be on December 24, 2024.
Who qualifies for the December 24 payment?
Retirees and SSDI recipients born after the 20th of the month who started receiving benefits after April 30, 1997, and do not receive SSI.
When will the first COLA-increased payment be made?
The first COLA payment will be on January 3, 2025.
What are the January payment dates for those not receiving SSI?
January 8, 15, and 22, depending on your birth date.
Will the 2025 COLA be higher than previous years?
The 2025 COLA is projected to be lower than recent years but still higher than the average COLAs.
