Millions of Americans are set to receive their first increased Social Security payments in December 2024, thanks to the newly announced 2.5% Cost-of-Living Adjustment (COLA). This adjustment aims to help beneficiaries keep pace with inflation and the rising costs of essential goods and services.
Supplemental Security Income (SSI) Beneficiaries
Social Security Income recipients will be the first to experience the COLA increase. Due to January 1 being a federal holiday, the adjusted payments will be disbursed on December 31, 2024, instead of January 2025. This ensures that beneficiaries receive their funds without delay.
For individuals, the monthly benefit will rise from $943 to $967, marking a $24 increase. Eligible couples will see their payments grow from $1,415 to $1,450, an uptick of $35.
Retirement, Survivors, and Disability Insurance (RSDI) Beneficiaries
Other Social Security beneficiaries, including retirees, survivors, and individuals with disabilities, will receive their adjusted payments in January 2025. The exact payment dates depend on the beneficiary’s birth date:
- Birthdates 1st-10th: Payments on January 11, 2025
- Birthdates 11th-20th: Payments on January 18, 2025
- Birthdates 21st-31st: Payments on January 24, 2025
Impact of the 2.5% COLA Increase
The 2.5% Social Security COLA will result in the following average monthly benefit increases:
| Beneficiary Category | Previous Average Benefit | New Average Benefit | Monthly Increase |
|---|---|---|---|
| Retirees | $1,900 | $1,948 | $48 |
| Survivors | $1,505 | $1,543 | $38 |
| Disabled Individuals | $1,537 | $1,575 | $38 |
| SSI Individuals | $943 | $967 | $24 |
Planning for the Increased Payments
Beneficiaries should be aware that the early payment in December is part of the January benefit and not an additional sum. It’s advisable to budget accordingly to ensure that funds are available for January expenses.
For detailed information on payment schedules and amounts, beneficiaries can refer to the Social Security Administration’s official resources.
What is the COLA for 2025?
The Cost-of-Living Adjustment for 2025 is 2.5%, aimed at offsetting inflation and the increased cost of living.
When will I receive my increased payment?
- SSI Beneficiaries: December 31, 2024
- Other Beneficiaries: January 2025, based on your birth date
Is the December payment an extra benefit?
No, the December payment for SSI beneficiaries is the January benefit paid early due to the holiday schedule.
