As 2024 draws to a close, retirees and Social Security beneficiaries are preparing to receive their final payments of the year. These December checks will not yet include the 2025 Cost-of-Living Adjustment (COLA), but knowing the payout schedule and eligibility requirements can help beneficiaries plan their finances effectively.
Payments
The largest Social Security benefits are reserved for retirees who meet specific criteria. To qualify for payments of $2,710, $3,822, or the maximum $4,873, you need to meet the following conditions:
- Work History: Have at least 35 years of work in jobs covered by Social Security.
- Maximum Earnings: Earn the taxable maximum income (e.g., $168,600 in 2024) during those 35 years.
- Age:
- File at 62 to receive up to $2,710.
- Wait until Full Retirement Age (FRA) to receive up to $3,822.
- Delay until 70 to qualify for the maximum benefit of $4,873.
For most people, achieving these high payment amounts requires consistent, high earnings throughout their careers.
Payment Schedule
- Payday: December 3, 2024.
- If you began receiving Social Security benefits before May 1997, this is your payment date.
SSI Recipients
- Payday: November 29, 2024.
- SSI payments are moved up when the 1st of the month falls on a weekend or holiday.
Social Security Beneficiaries (After April 30, 1997)
Payment dates are determined by birthdate:
| Birthday Range | Payment Date |
|---|---|
| 1st – 10th | December 11, 2024 |
| 11th – 20th | December 18, 2024 |
| 21st – 31st | December 24, 2024 |
Social Security Payments
Beneficiaries receiving both SSI and Social Security will get:
- SSI: November 29, 2024.
- Social Security: December 3, 2024.
Payment Amounts
Most beneficiaries receive payments below the maximum benefit. The average retirement benefit in 2024 is approximately $1,927. SSI recipients typically receive lower amounts, with payments capped at $943 for individuals in 2024.
Planning
It’s important to note that December payments won’t reflect the 2.5% COLA for 2025. The adjustment will take effect with January 2025 payments, distributed starting in early January.
Final Thoughts
While December 2024 payments won’t yet include the 2025 COLA, they offer a crucial financial bridge as the year closes. Familiarize yourself with the payment schedule and ensure you meet eligibility criteria to maximize your benefits. Planning ahead will help you transition smoothly into the new year with updated benefits.
FAQs
When is the next SSI payment date?
SSI payments will be issued on November 29, 2024.
What is the maximum Social Security benefit?
Up to $4,873 for those who delay benefits until age 70.
Who gets paid on December 3, 2024?
Beneficiaries who started receiving payments before May 1997.
What is the average Social Security payment?
The average retirement benefit in 2024 is $1,927.
When will 2025 COLA take effect?
The 2.5% COLA will apply to January 2025 payments.
