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SELECT Social Security recipients will get their final checks for the year soon before their monthly amounts increase.
The pay bump comes thanks to the annual cost-of-living adjustment (COLA) from the Social Security Administration.
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Every October, the COLA is announced for the following year.
It determines how much additional money all recipients will get in their monthly checks based on inflation and economic conditions.
For 2025, an increase of 2.5% was announced by the Social Security Administration (SSA) on October 10, 2024.
Before it takes effect, some final remaining payments are being sent out to recipients who benefit from certain programs.
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Over 72 million Americans get cash from the SSA’s programs, and many depend on the administration’s retirement benefits.
The maximum retirement benefit in 2024 for those who chose to stop working at 70 would be $4,873.
BIRTHDAY BONUS
Most who have gotten retirement benefits from the SSA in the past know that money is sent out on Wednesdays and is based on birth dates.
For example, those born on dates one through 10 get payments on the second Wednesday of every month.
Birthdays with dates of 11 through 20 get it on the third Wednesday, and 21 through 31 get it on the fourth Wednesday.
Considering that pattern — on December 24 — the final $4,873 distribution of 2024 is headed out to those retirees with birthdays 21 through 31.
While the maximum benefit is $4,873, amounts will vary depending on several factors, including what age a recipient chooses to start receiving benefits.
Those who decided to take SSA benefits immediately at their full retirement age of 67 in 2024 have gotten a little bit less each month at $3,822.
The second-last Social Security payment for retirees with birth dates 11 through 20 also goes out on December 18.
On January 8, 2025, the first distribution of the 2025 tax year with the COLA increase will go out to retirees.
WHEN SOCIAL SECURITY PAYMENTS ARE MADE
Social Security payments are issued on the second, third, or fourth Wednesday of each month based on the recipient’s birthdate:
- Second Wednesday: For individuals born between the 1st and 10th of the month
- Third Wednesday: For those born between the 11th and 20th
- Fourth Wednesday: For those born between the 21st and 31st
It will be worth a maximum of $5,108 for those who retire at 70 and $4,018 for full retirement-age recipients.
There’s also a helpful calendar on the SSA website with a better visual of the dates and more information.
EARLY GIFT
Americans who benefit from Supplemental Security Income (SSI) should also remain aware of the payment headed out on December 31.
It doesn’t count for 2024 but is rather the first distribution for January 2025 with the COLA increase.
SSI funds are sent out on the first of every month unless it falls on a federal holiday or weekend.
January 1, New Year’s Day, is a federal holiday.
That means instead of the typical $943, an amount of $967 will be sent out to SSI recipients on New Year’s Eve.
Thousands of Americans in one US state are also at risk of not getting Social Security benefits for a crucial reason.
Depending on a change from President-elect Donald Trump, an expert exclusively told The U.S. Sun that some Americans could get “extraordinary” money in 2025.
