Social Security Payment Schedule – 3 Important Direct Deposits Before 2025, Including COLA Boost

With the year nearing its end, some Social Security recipients might be eligible to receive three payments before 2025. This is particularly relevant for those who qualify for both Social Security and Supplemental Security Income (SSI), as their benefits are scheduled to be distributed at specific intervals. Let’s break down who may qualify for these extra payments, how much they can expect, and what the 2025 Cost-of-Living Adjustment (COLA) will mean for their monthly income.

Who Qualifies

Recipients eligible for both Social Security and SSI are in a unique position to receive three payments by the end of 2024. Here’s how it works:

1. SSI Payment on November 29, 2024: This payment is an advance for December, allowing SSI beneficiaries to access funds early in the month.
2. Social Security Payment on December 3, 2024: Regular Social Security retirement benefits are paid based on a specific schedule, and those who qualify will receive their monthly benefit on this date.
3. Final SSI Payment on December 31, 2024: This final payment includes the 2025 COLA increase of 2.5%, giving recipients a bit more for January’s expenses.

Thus, if you’re a recipient of both Social Security and SSI, you’ll receive three payments before the new year. Retirees who only receive Social Security, or those who qualify solely for SSI, will receive fewer payments.

Payment Amounts

In 2025, the SSA will apply a 2.5% COLA increase to help keep pace with inflation. Here’s how monthly payments are expected to change:

Supplemental Security Income (SSI)

The average SSI check currently stands at $697, but it varies depending on individual qualifications. For instance, individuals who qualify for the maximum payments receive different amounts based on their status:

• Essential Persons: $472 (before COLA), $484 (after COLA).
• Individuals: $943 (before COLA), $967 (after COLA).
• Married Couples: $1,415 (before COLA), $1,450 (after COLA).

Retirement Benefits

For retirees, the average Social Security payment is currently $1,927, which will increase to $1,976 with the 2.5% COLA boost. However, retirees who delayed claiming benefits until age 70 may receive a higher amount, up to $4,995 in 2025.

Maximum Benefits

Those who filed for benefits at Full Retirement Age (FRA) will receive 100% of their calculated benefits, up to $3,822 in 2024, increasing with COLA in 2025. However, high earners generally do not qualify for SSI due to income limits.

Eligible Recipients

For recipients with direct deposit, these payments will be credited to their accounts on the scheduled dates, providing a fast and reliable way to access their benefits. Recipients who opt for mailed checks may face minor delays, though payments are generally prompt and consistent.

These end-of-year Social Security and SSI payments help recipients plan their budgets and cover essential expenses in light of rising costs. With the increased predictability of their income, recipients can manage their finances more effectively, avoiding late fees and improving their financial stability. Additionally, the COLA adjustment ensures that Social Security and SSI benefits remain aligned with inflation, enhancing the purchasing power of recipients as we enter 2025.

FAQs