As we approach the end of 2024, Social Security beneficiaries can expect three remaining payments of up to $900 before the 2025 Cost-of-Living Adjustment (COLA) increase takes effect.
With inflation impacting costs, this COLA boost is anticipated to be around 2.5%, providing added support to beneficiaries starting in January.
Let’s review the remaining payments, the unique December schedule, and how COLA and payment funding differ across Social Security programs.
November and December Payment Schedule
The Social Security Administration (SSA) follows a structured calendar for distributing payments to Supplemental Security Income (SSI) and Social Security retirement beneficiaries. Here’s how the final payments for 2024 are scheduled:
- November 1: First November payment for SSI recipients, up to $900.
- November 29: Second SSI payment, covering December’s payment in advance (due to December 1 falling on a Sunday).
- December Social Security Payments: Social Security retirement benefits are distributed based on birthdates, with payments issued on either December 11, 18, or 25.
This unique payment schedule ensures beneficiaries do not experience delays, particularly during the busy holiday season.
Why Two SSI Payments in November?
In a typical month, SSI beneficiaries receive one payment on the 1st. However, because December 1, 2024, is a Sunday, the SSA will issue the December SSI benefit on November 29. This early release allows recipients uninterrupted access to funds during the holidays and ensures timely support without any delays.
| Month | Payment Date | Amount |
|---|---|---|
| November Payment | November 1 | Up to $900 |
| December Payment | November 29 (advanced) | Up to $900 |
This early adjustment is common when scheduled dates fall on weekends or federal holidays, helping to avoid any unnecessary gaps in benefit distribution.
Funding Sources for SSI vs. Social Security
While both SSI and Social Security benefits are administered by the SSA, they are funded differently:
- SSI (Supplemental Security Income): Funded by the U.S. Department of the Treasury, SSI supports low-income individuals with disabilities, blindness, or limited resources.
- Social Security (Retirement and Disability): Funded through payroll taxes from workers and employers, these benefits rely on contributions made throughout a worker’s employment history.
This difference means that SSI, as an assistance program, is more likely to have payment adjustments (like advance payments) when the scheduled day falls on a weekend or holiday.
2025 Cost-of-Living Adjustment (COLA)
Starting in January 2025, Social Security beneficiaries will see a 2.5% increase in their monthly payments due to COLA, an annual adjustment designed to help recipients keep up with inflation. This boost will apply to:
- SSI recipients: Beneficiaries will receive slightly higher monthly payments beginning in January.
- Social Security retirees and disability beneficiaries: All payments across SSA-managed programs will reflect this adjustment, ensuring beneficiaries’ purchasing power remains steady.
This COLA increase, while modest, aims to help retirees, disabled individuals, and low-income households manage rising living costs.
Distribution of Social Security Payments
The SSA distributes Social Security retirement payments based on beneficiaries’ birthdates:
- 1st–10th of the month: Payments are issued on the second Wednesday.
- 11th–20th of the month: Payments are issued on the third Wednesday.
- 21st–31st of the month: Payments are issued on the fourth Wednesday.
This staggered schedule enables SSA to manage funds efficiently, ensuring a smooth distribution for all recipients.
The last three payments for 2024 will cover:
- SSI on November 1: Standard payment for November, up to $900.
- SSI on November 29: Advance payment for December, also up to $900.
- Final Social Security Retirement Payment in December: Issued based on birth date, with amounts up to $900 or higher depending on eligibility.
Beneficiaries can stay updated on these and future payment dates by checking the SSA’s official website, which provides schedules and any relevant adjustments annually.
