Early Christmas Present? Some Social Security Benefits Arriving This Week
Good news for some Social Security recipients: you might be getting your December payment a little early this year.
While most beneficiaries will see their deposits arrive on their usual schedule next Wednesday, a select few will be celebrating early with payments hitting their accounts as soon as Tuesday, December 3rd.
Who are those lucky recipients? This Christmas bonus applies to two groups: those who retired before May 1997 and recipients of Supplemental Security Income (SSI), the program offering assistance to low-income individuals, who typically receive their benefits at the beginning of each month regardless of their birthday.
This early arrival isn’t a fluke; it’s simply the Social Security Administration (SSA) adapting its payment schedule to account for the upcoming Christmas holiday on December 25th.
"The SSA divides Social Security payments according to the date of birth of the beneficiaries," a statement explains, outlining the usual distribution process. "Those born between the 1st and 10th of any month will receive their payment on the second Wednesday. Those born between the 11th and 20th will receive it on the third Wednesday, and those born between the 21st and 31st will receive it on the fourth Wednesday."
To accommodate Christmas, those expecting payment on the fourth Wednesday, December 25th, will instead receive their benefits on Tuesday, December 24th.
But it’s not just about timing. This December also brings a welcome boost for SSI recipients: an early payment for January 2025. Delivered on December 31st, this payment will already reflect a 2.5% Cost of Living Adjustment (COLA) designed to ensure beneficiaries can keep up with inflation.
"This increase aims to maintain the purchasing power of the beneficiaries against inflation," the SSA clarifies.
On average, this means individual SSI recipients will see an increase to $943 per month in 2024, while couples will receive up to $1,415.
As for regular Social Security payments, these vary based on several factors, including years of contributions and retirement age.
"The amount of the payment depends on a number of factors, such as years of contributions to the scheme and age at retirement. On average, a retired person receives $1,907 per month, while a couple receives up to $3,303. This average shows a slight increase thanks to COLA, which automatically adjusts payments to annual inflation," the SSA said.
Here’s a rundown of the December payment schedule:
- Tuesday, December 3rd: Beneficiaries retired before May 1997 and SSI recipients.
- Wednesday, December 11th: Beneficiaries born between the 1st and the 10th.
- Wednesday, December 18th: Beneficiaries born between the 11th and the 20th.
- Tuesday, December 24th: Beneficiaries born between the 21st and 31st.
- Tuesday, December 31st: SSI beneficiaries, receiving payment for January 2025.
The SSA encourages all beneficiaries to stay informed by checking official calendars and payment dates. The agency also reminds individuals to be wary of scams related to Social Security investments, urging them to always verify information through official channels.
