As 2024 nears its end, Social Security’s payment schedule is offering beneficiaries multiple opportunities to receive payments before the new year.
In particular, retirees and Supplemental Security Income (SSI) beneficiaries can expect direct deposits in November and December. Some will even see a modest increase due to the upcoming Cost of Living Adjustment (COLA) for 2025.
Let’s break down who qualifies for three payments before 2025, how COLA adjustments affect these amounts, and what the schedule looks like for both Social Security and SSI beneficiaries.
Recipients
Who qualifies for 3 payments before the end of 2024?
The Social Security Administration (SSA) is set to deliver one final SSI payment on November 29, 2024, followed by another on December 31, 2024.
Additionally, eligible retirees who receive their regular Social Security payment on December 3 will get a third payment before 2025 begins.
Thus, if you qualify for both SSI and Social Security retirement benefits on these dates, you could see three payments between now and the end of the year. Retirees who don’t receive SSI will only see their regular monthly deposit in December.
Here’s how it works:
| Payment Type | Payment Date |
|---|---|
| November SSI payment | November 29, 2024 |
| December Social Security check | December 3, 2024 |
| December SSI payment (includes COLA) | December 31, 2024 |
These last three payments include one with the 2025 COLA increase, giving eligible recipients a slight boost in benefits for the new year.
COLA Impact on SSI and Social Security
The SSA’s COLA adjustment for 2025 stands at 2.5%, providing a modest increase in monthly payments for both SSI and Social Security beneficiaries. While COLA aims to keep benefits aligned with inflation, each recipient’s payment amount depends on their qualification criteria.
SSI Payment Amounts with and without COLA
In September 2024, the average SSI check was $697. However, some recipients qualify for higher maximum payments based on factors such as marital status or essential support needs. Here’s a comparison of SSI maximums before and after the COLA:
| Beneficiary Type | SSI Max. Payment 2024 | SSI Max. Payment 2025 (after COLA) |
|---|---|---|
| Essential person | $472 | $484 |
| Individual | $943 | $967 |
| Married couples | $1,415 | $1,450 |
SSI payments on December 31, 2024, will include the adjusted COLA amount, which will remain in effect for 2025. This increase reflects the SSA’s commitment to ensuring payments cover rising living costs.
Social Security Payments with COLA
For retirees, the average Social Security payment before COLA is approximately $1,927. After the 2.5% COLA, the average will rise to about $1,976 in 2025, according to the SSA’s COLA Fact Sheet. High earners who filed for retirement benefits at Full Retirement Age (FRA) could receive up to $3,822, while those who waited until age 70 may see benefits as high as $4,873 in 2024.
| Beneficiary Type | Average Monthly Payment 2024 | Average Monthly Payment 2025 (after COLA) |
|---|---|---|
| Retiree (average) | $1,927 | $1,976 |
| High earner (at FRA) | Up to $3,822 | TBD with 2025 COLA |
| High earner (at 70) | Up to $4,873 | TBD with 2025 COLA |
Payment Details and Eligibility
How to qualify for SSI and Social Security benefits?
SSI is intended for low-income individuals with limited resources, including those who are elderly, blind, or disabled.
Social Security retirement benefits, on the other hand, are based on your work history and contributions to Social Security over your lifetime. Most high earners don’t qualify for SSI but can receive a single Social Security payment.
When will these changes take effect?
COLA adjustments will start impacting payments on December 31, 2024, for SSI recipients and in January 2025 for Social Security retirement beneficiaries. COLA adjustments are calculated annually based on inflation rates and are essential in helping recipients keep pace with cost increases.
Maximizing Your Social Security Payments
While some recipients will receive three payments in the remaining part of 2024, it’s essential to understand how COLA adjustments, filing age, and eligibility affect your benefits.
With a few careful considerations, beneficiaries can make the most of these scheduled payments and prepare for increased benefits in the year ahead.
Many beneficiaries are encouraged by these adjustments, as every increase counts in today’s economic climate. Whether you’re receiving SSI, Social Security, or both, staying informed about payment schedules and adjustments can help you manage finances effectively.
