With the end of 2024 approaching, Social Security’s payment schedule includes some key deposits for both retirees and Supplemental Security Income (SSI) beneficiaries.
For certain beneficiaries, this schedule could mean up to three payments before the new year, one of which will include a Cost-of-Living Adjustment (COLA) increase for 2025. Here’s how these payments will be structured and who can expect to receive them.
Who Is Eligible for 3 Payments Before 2025?
If you qualify for both Social Security and SSI, you may be eligible for three payments before the year ends. Here’s the breakdown:
- November 29, 2024: SSI beneficiaries will receive a payment at the end of November.
- December 3, 2024: Retirees eligible for Social Security will receive their monthly benefit on this date.
- December 31, 2024: SSI beneficiaries will receive a second payment for December, which includes the 2025 COLA adjustment.
In summary, retirees who also qualify for SSI could see three deposits in total before 2025: two SSI payments and one Social Security retirement benefit.
Understanding the 2025 COLA Increase
The 2025 COLA adjustment will add 2.5% to Social Security and SSI payments. This adjustment, which is based on inflation data, helps beneficiaries keep pace with the rising cost of living. Here’s a look at the updated monthly payment amounts before and after COLA:
| Beneficiary Type | 2024 Payment (Monthly) | 2025 Payment (Monthly, with COLA) |
|---|---|---|
| Essential Person (SSI) | $472 | $484 |
| Individual (SSI) | $943 | $967 |
| Married Couple (SSI) | $1,415 | $1,450 |
| Average Retiree | $1,927 | $1,976 |
For retirees who claimed benefits at Full Retirement Age (FRA), the maximum possible payment is up to $3,822 monthly, while those who delayed benefits until age 70 could see up to $4,873.
Payment Schedule and Key Dates
Here’s a quick look at the payment dates through the end of the year:
| Payment Type | Payment Date |
|---|---|
| November SSI | November 29, 2024 |
| December Retirement | December 3, 2024 |
| December SSI (with COLA) | December 31, 2024 |
The December 31 payment will reflect the COLA increase and marks the first SSI payment adjusted for the 2025 cost of living.
Eligibility for Social Security and SSI Payments
To qualify for SSI, beneficiaries must meet specific income and asset limits, and SSI is generally intended for those with low income or disabilities. High earners are typically ineligible for SSI but can qualify for Social Security retirement benefits based on their work history and contributions.
Retirees receive 100% of their calculated benefits if they claim at their FRA. Those who delay until age 70 see the highest possible payout. For high earners who qualify for retirement benefits only, the highest monthly benefit could reach $4,873 in 2024.
With three potential payments before the year’s end, this Social Security payment schedule offers valuable support for beneficiaries, particularly those who rely on fixed incomes.
The 2025 COLA increase provides an essential boost, helping retirees and SSI recipients manage rising costs in the coming year. Beneficiaries should watch for payment notifications and plan their finances accordingly to make the most of this year-end support.
