The Social Security Administration (SSA) plays a critical role in the lives of millions of people across the United States. Each month, the SSA issues almost 73 million payments to beneficiaries, which include retired workers, disabled individuals, survivors, and recipients of Supplemental Security Income (SSI). These payments follow a structured schedule based on the type of benefit you receive and your birthdate.
As December 2024 comes to an end, many beneficiaries are wondering about their upcoming Social Security payments. Specifically, will you receive your payment of $1,900 on Tuesday, December 24? Here’s everything you need to know about this upcoming payment schedule and how much you can expect.
Social Security Payment Schedule and How It Works
The SSA has a well-organized system for distributing monthly payments. The day you receive your Social Security benefit depends primarily on your birthdate. Retired workers, for example, receive their payments on Wednesdays, but the exact Wednesday of the month depends on when you were born.
Here’s a breakdown of the payment schedule:
- 1st to 10th of the month: You will receive your payment on the second Wednesday of the month.
- 11th to 20th of the month: Your payment will be issued on the third Wednesday.
- 21st to 31st of the month: Your payment will arrive on the fourth Wednesday of the month.
However, there’s an exception. If you began receiving your Social Security retirement payments before May 1997, your payment will be issued on the third day of each month, regardless of your birthdate.
What About SSI Payments?
Supplemental Security Income (SSI) payments are a bit different from regular Social Security benefits. SSI payments are usually distributed on the 1st of every month. If you receive both Social Security and SSI benefits, you’ll get your SSI payment on the 1st, and your Social Security payment will follow the birthdate-based schedule.
How Much Will You Receive from Social Security?
The amount you receive from Social Security can vary significantly depending on factors like your work history, how much you’ve contributed to the system and the age at which you begin claiming benefits.
In 2024, the average monthly Social Security payment for a single retiree is $1,907. For couples who file jointly, the average monthly payment is $3,303. On the other hand, SSI recipients receive an average of $943 per month for individuals and $1,415 per month for couples.
Will You Get $1,900 on Dec. 24?
This year, due to the Christmas holiday falling on a Wednesday (a federal holiday), the SSA has adjusted its payment schedule for retirees. The regular Wednesday payment date has been moved to Tuesday, December 24, to ensure beneficiaries receive their checks before Christmas.
Those who will receive a payment of $1,900 on December 24 are individuals whose birthdates fall between the 21st and 31st of the month. This includes retirees, survivors, and individuals who qualify for Social Security Disability Insurance.
What About the Final Social Security Payment of the Year?
After the December 24 payments, the SSA will make one last distribution for the year. On Tuesday, December 31, SSI recipients will receive their final payment, which will cover the first month of the new year, January 2025. This is a little earlier than usual, as January 1, 2025, is a federal holiday. This January payment will include a 2.5% Cost of Living Adjustment (COLA) increase.
Understanding the 2.5% COLA Increase
Each year, Social Security payments are adjusted for inflation through a system known as the Cost of Living Adjustment (COLA). In 2025, Social Security payments will increase by 2.5%, which is designed to help beneficiaries keep up with rising prices and maintain their purchasing power.
For example, if your current benefit is $1,900, you can expect an increase of around $47.50 per month. This adjustment will be automatically added to your payment starting in January 2025.
How to Calculate Your COLA Increase
To determine how much more you will receive due to the COLA increase, add 2.5% to your current monthly benefit amount. For instance:
- If you currently receive $1,900, your new monthly payment will be $1,947.50 after the COLA increase.
- If you currently receive $943 in SSI, your new payment will be $967.58.
The COLA increase is an essential mechanism to help Social Security beneficiaries maintain their standard of living, especially in times of inflation.
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates.
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.