The Social Security Administration (SSA) is about to complete the 2024 payment schedule with the last month of sending benefits to more than 72 million recipients ranging from retirees to people with disabilities who receive Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI).
Some payments for this month have already been made, such as SSI benefits that, in theory, should have been deposited into bank accounts on the 1st. However, that date was a holiday (the SSA does not make payments on holidays or holidays), and was brought forward to the previous Friday). December 3 is the other upcoming date, which is when money is sent for those who receive both Social Security and SSI or who started receiving benefits before May 1997 (SSI was sent on November 29).
Three Social Security payments that still come without COLA increases
The SSA applies a cost of living adjustment (COLA) every year, which was announced last October and will be applied starting January 1, 2025. This means that, for now, the payments do not come with the 2.5% increase which, supposedly, should help benefits keep pace with inflation and ensure that recipients do not lose purchasing power.
Delaying retirement can significantly increase your Social Security income. In 2024, those who wait until age 70 will receive 32% more than those who retire at full age (66 years and 6 months). The maximum benefit at age 70 is $4,873, compared to $3,822 at full age and $2,710 at age 62.
For now, these are the three retirement and SSDI payments for the month of December:
The first is the December 11 payment: This payment is intended for beneficiaries whose birthday falls between the 1st and 10th of any month. The SSA arranges staggered monthly payments to spread deposits throughout the month, and the second Wednesday payments are the first on the regular schedule for Social Security beneficiaries.
Subsequently, the payment is scheduled for December 18: This payment corresponds to beneficiaries with dates of birth between the 11th and 20th of any month. The SSA makes these payments on the third Wednesday of the month, as part of its programming to avoid bank overload.
Finally, there’s the December 24 payment: Beneficiaries whose birthday falls between the 21st and 31st of any month receive their payments on the fourth Wednesday of the month. In December 2024, this deposit will be made on December 24, just before the Christmas celebrations, one day before the original date which would have been the 25th (holiday).
