Social Security recipients will see an increase in their benefits starting on December 30, 2024, according to confirmation from the State of California. The Cost of Living Adjustment (COLA), which is implemented nationwide for 2025, includes this 2.5% rise. In order to guarantee that recipients keep their purchasing power, the COLA is based on inflation rates.
The December 30, 2024 Payment
Supplemental Security Income (SSI) will be the first payment to reflect this increase. Due to the New Year’s Day holiday, this payment, which was originally planned for January 1, has been postponed to December 30. Millions in California and nationwide gain from this modification, especially those who depend on the money for necessities.
Types of Social Security Benefits
The 2.5% increase will be applied to all of the various benefits offered by the Social Security program:
January 2025 Payment Schedule
The beneficiary’s birthdate determines how much Social Security is paid out. The January 2025 schedule is as follows:
-
January 3
: Payments for those who receive benefits before May 1997 or who also receive SSI. -
January 8
: Beneficiaries born between the 1st and 10th of the month. -
January 15
: Beneficiaries born between the 11th and 20th of the month. -
January 22
: Beneficiaries born between the 21st and 31st of the month.
All of these payments will reflect the COLA increase.
Impact in California and Nationwide
This change will have a major effect on California, which is home to almost 6 million Social Security recipients. Nonetheless, more than 70 million recipients nationwide will profit from the hike.
By reducing the financial burden on Americans in the face of growing living expenses, this adjustment attempts to strengthen the nation’s commitment to helping its most disadvantaged individuals.
You can go to the official Social Security Administration (SSA) website to learn more about your payments.
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.