As we approach the end of 2024, Social Security beneficiaries are set to receive three remaining payments of up to $900 before the new Cost-of-Living Adjustment (COLA) takes effect in 2025. This upcoming COLA boost, expected to be about 2.5%, will offer a small increase to help offset rising living expenses due to inflation. In this article, we’ll go over the schedule for these last payments, why two payments will arrive in November, and what you can expect in 2025.
Final Social Security Payments for 2024
The Social Security Administration (SSA) follows a clear schedule for distributing benefits. Here’s how the payments for the end of 2024 will go:
- November 1: First November payment for Supplemental Security Income (SSI) recipients, up to $900.
- November 29: Second SSI payment for December arrives early since December 1 falls on a Sunday.
- December Social Security Retirement Payments: Payments are based on birthdates, with distributions on December 11, 18, or 25.
This adjusted schedule helps make sure that beneficiaries won’t face delays, especially during the holiday season.
Why Two SSI Payments in November?
In most months, SSI beneficiaries receive just one payment on the first of the month. However, since December 1, 2024, is a Sunday, the SSA will issue December’s payment early on November 29. This early payment ensures that recipients have their benefits on time for the holidays.
Here’s a look at the November and December SSI payment schedule:
| Month | Payment Date | Amount |
|---|---|---|
| November | November 1 | Up to $900 |
| December | November 29 | Up to $900 (early) |
This early payment practice occurs whenever scheduled dates fall on weekends or holidays, avoiding unnecessary delays in benefit distribution.
Funding Sources for SSI vs. Social Security Payments
Even though both SSI and Social Security are managed by the SSA, they are funded differently:
- SSI (Supplemental Security Income): This program is funded by the U.S. Department of the Treasury and supports low-income individuals with disabilities, blindness, or limited resources.
- Social Security Retirement and Disability Benefits: These are funded through payroll taxes contributed by workers and employers over a person’s working life.
Due to this difference, SSI payments are more likely to be adjusted for weekends or holidays compared to standard Social Security benefits.
What Is the 2025 Cost-of-Living Adjustment (COLA)?
Starting in January 2025, a 2.5% COLA increase will be applied to monthly Social Security benefits. This adjustment is designed to help recipients keep up with inflation and will affect:
- SSI Recipients: Starting in January, these beneficiaries will see slightly higher monthly payments.
- Social Security Retirement and Disability Beneficiaries: Payments will be adjusted across all SSA programs to help beneficiaries maintain their purchasing power.
Although a 2.5% increase may not seem like much, it is intended to help retirees, disabled individuals, and low-income households manage the rising costs of daily essentials.
How Social Security Payments Are Scheduled
Social Security retirement payments follow a staggered schedule based on the beneficiary’s birthdate:
- 1st–10th of the Month: Payments are made on the second Wednesday of each month.
- 11th–20th of the Month: Payments are made on the third Wednesday.
- 21st–31st of the Month: Payments are made on the fourth Wednesday.
This system ensures a smooth, well-organized distribution of funds for all beneficiaries.
Important Dates for Your Final 2024 Payments
The last three payments for 2024 will be as follows:
- SSI Payment on November 1: Standard payment for November, up to $900.
- Early SSI Payment on November 29: Advance payment for December, also up to $900.
- Final Social Security Retirement Payment in December: Paid based on birth date, up to $900 or more depending on eligibility.
To stay updated on payment schedules and future changes, you can check the SSA’s official website, which publishes information on payment dates and any relevant updates each year.
Conclusion
With these upcoming payments, Social Security beneficiaries can plan ahead, especially during the holiday season. The COLA increase in January will help ease some financial burdens, offering a small but helpful boost in monthly benefits. Keeping track of the SSA schedule ensures beneficiaries receive timely support without delays. This is especially important with inflation impacting everyday costs. Check the SSA website regularly to stay informed on payment dates and any adjustments.
FAQs
Why are there two SSI payments in November 2024?
Because December 1 falls on a Sunday, the SSA will issue the December SSI payment on November 29 to ensure recipients get their benefits on time for the holidays.
When does the 2025 Cost-of-Living Adjustment (COLA) take effect?
The 2025 COLA increase, which is expected to be around 2.5%, will take effect starting in January 2025.
How can I stay updated on Social Security payment schedules?
To stay informed about Social Security payments and any schedule changes, visit the Social Security Administration’s official website.