As the year draws to a close, Social Security has announced a special payment schedule for late 2024. This schedule may result in three separate payments for certain beneficiaries, particularly for those receiving Social Security retirement benefits and Supplemental Security Income (SSI).
Some recipients will see three deposits before the new year, with one of these payments reflecting the Cost-of-Living Adjustment (COLA) increase for 2025. Let’s break down who qualifies and how the payments are structured.
Who Can Expect 3 Payments Before 2025?
Beneficiaries who are eligible for both Social Security and SSI could receive up to three payments before the end of the year. Here’s how it works:
| Payment Type | Payment Date |
|---|---|
| November SSI Payment | November 29, 2024 |
| December Retirement Payment | December 3, 2024 |
| December SSI Payment (includes COLA) | December 31, 2024 |
Explanation:
- November 29, 2024: SSI beneficiaries receive their end-of-month payment.
- December 3, 2024: Social Security recipients, mainly retirees, will get their scheduled payment.
- December 31, 2024: A second SSI payment that includes the 2025 COLA increase.
For retirees who also qualify for SSI, this means they could see three separate deposits: two from SSI and one from their regular Social Security benefits.
Understanding the 2025 COLA Adjustment
To help beneficiaries keep pace with inflation, the COLA increase for 2025 has been set at 2.5%. This adjustment ensures that Social Security and SSI payments align with the rising cost of living. Here’s a breakdown of the monthly payment changes:
| Beneficiary Type | 2024 Monthly Payment | 2025 Monthly Payment (with COLA) |
|---|---|---|
| Essential Person (SSI) | $472 | $484 |
| Individual (SSI) | $943 | $967 |
| Married Couple (SSI) | $1,415 | $1,450 |
| Average Retiree | $1,927 | $1,976 |
Note:
- Those who retired at Full Retirement Age (FRA) can receive up to $3,822 per month.
- Individuals who delayed retirement until age 70 may see a maximum monthly benefit of $4,873.
Key Payment Dates for Social Security and SSI
The Social Security Administration follows a specific schedule for benefit disbursement. Here’s a summary of the key dates through the end of 2024:
| Payment Type | Scheduled Date |
|---|---|
| November SSI Payment | November 29, 2024 |
| December Retirement | December 3, 2024 |
| December SSI (with COLA) | December 31, 2024 |
The final payment on December 31, 2024, will be the first to include the new COLA increase, providing additional financial relief as beneficiaries enter the new year.
Eligibility Criteria for Social Security and SSI Payments
To qualify for Supplemental Security Income (SSI), applicants must meet strict income and asset limits. This program primarily serves individuals with low income, disabilities, or those aged 65 and older. In contrast, Social Security retirement benefits are determined based on an individual’s work history and contributions.
- SSI Eligibility: Generally for low-income individuals or those with disabilities.
- Social Security Retirement Benefits: High earners with sufficient work credits can qualify. Those who wait until age 70 to claim benefits receive the highest payouts, potentially reaching up to $4,873 per month in 2024.
FAQs
1. Who qualifies for the three Social Security payments before 2025?
Individuals who are eligible for both Social Security retirement benefits and SSI may receive three payments in total before the end of 2024.
2. What is the COLA increase for 2025?
The Cost-of-Living Adjustment (COLA) for 2025 is set at 2.5%, which will slightly increase Social Security and SSI payments starting in January.
3. When will the first COLA-adjusted SSI payment be issued?
The first payment reflecting the 2025 COLA will be deposited on December 31, 2024.
4. Can retirees receive more than one payment in December?
Yes, retirees who are also eligible for SSI could receive up to three payments, including one on November 29, one on December 3, and the final one on December 31, 2024.
5. How can I ensure I receive my Social Security payments on time?
Ensure your mySocialSecurity account is up-to-date with your latest banking information to receive payments via direct deposit promptly.
