Retirees born between the 11th and 20th of any month can expect their next Social Security check or direct deposit on December 18, 2024. This means the payment could arrive in less than 24 hours for eligible recipients. However, to qualify for this payment, you must have started receiving retirement benefits after April 30, 1997. Those who began receiving benefits before May 1997, as well as recipients of Supplemental Security Income (SSI), do not qualify for this specific payout.
Final 2024 Payment and the Upcoming 2025 COLA Adjustment
For retirees, there will be one more Social Security payment in 2024 after the December 18 disbursement. Those on SSI benefits, however, will receive their final 2024 payment on December 31, 2024. This payment will reflect the 2025 Cost-of-Living Adjustment (COLA) increase, effectively allowing SSI recipients to benefit from the adjustment before the new year begins.
Social Security Payment Schedule After December 18
Retirees whose benefits are scheduled for December 24 must meet a specific birthday requirement: their birthdays must fall between the 21st and 31st of any month. This deviation from the usual schedule is due to Christmas being a federal holiday.
Typically, Social Security payments are disbursed on the second, third, and fourth Wednesdays of the month. However, when holidays interfere, adjustments are made to avoid payment delays. For January 2025, Social Security payments are scheduled for January 3, 8, 15, and 22.
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Maximum and Average Social Security Payments in December
The largest possible Social Security payment in December 2024 is $4,873. To qualify for this maximum amount, recipients must meet the following criteria:
- Filed for Social Security benefits at the age of 70.
- Paid sufficient payroll taxes while working in jobs covered by the Social Security Administration (SSA).
- Earned the taxable maximum for the required number of years.
- Worked for at least 35 years.
- Adhered to all SSA rules.
The average payment for retirees is approximately $1,927. However, individuals who worked only the minimum 10 years to earn 40 work credits and began claiming benefits at age 62 may receive significantly lower payments. While filing early can provide financial relief, it reduces the monthly payment by up to 30%.
Key Takeaways
- December 18 Payment: For retirees born between the 11th and 20th and who began receiving benefits after April 30, 1997.
- Final 2024 Payments: SSI recipients will receive their last 2024 payment on December 31, reflecting the 2025 COLA increase.
- Adjusted Payment Schedule: December 24 payment replaces the usual fourth Wednesday due to the Christmas holiday.
- Maximum Payment: $4,873 for those meeting specific criteria.
- Average Payment: Around $1,927, with lower amounts for early filers or those with minimal work history.
Understanding the Social Security schedule and its adjustments ensures retirees can plan their finances effectively as the year transitions into 2025.
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