As we near the end of 2024, millions of Social Security and Supplemental Security Income (SSI) recipients are waiting for the last payments of the year. These final payments are especially important for those who rely on Social Security and SSI for financial support. They bring relief during the holiday season and help bridge the gap until the new Cost-of-Living Adjustment (COLA) kicks in starting in January 2025. Here’s what you need to know about the remaining payments in 2024 and how you can make the most of them.
Social Security Payments in November and December
Social Security payments are scheduled on specific dates, and it’s important to know when they arrive. For SSI payments, the usual payment day is the first of each month. However, due to holidays or weekends, these dates sometimes shift. In November 2024, SSI recipients will receive two payments:
- November 1, 2024 – The routine payment
- November 29, 2024 – An early payment for December, since December 1, 2024 falls on a Sunday.
This second payment is crucial to ensure that SSI recipients don’t miss out on their support, especially during the busy holiday season. SSI payments are capped at $900 per month, but this can still provide important financial help.
Understanding the Funding for SSI and Social Security Programs
The funding for SSI and Social Security comes from different sources, which affects how their payments are scheduled. SSI is funded by the U.S. Department of the Treasury, and because of this, payments are more flexible and can be adjusted if the payment date conflicts with holidays or weekends. Social Security, on the other hand, is funded through payroll taxes, and it follows a fixed schedule based on a recipient’s birth date.
The 2025 Cost-of-Living Adjustment (COLA)
In January 2025, there will be a 2.5% increase in Social Security and SSI payments due to inflation. This adjustment helps beneficiaries keep up with rising costs of living. While these increases won’t affect the last payments in 2024, they will be a welcomed boost for recipients starting in the new year.
Distribution Schedule for SSI and Social Security
The Social Security Administration (SSA) issues payments on different dates depending on when a recipient’s birthday falls. Payments are split into three waves:
- Second Week: For those born between the 1st and 10th of the month.
- Third Week: For birthdays between the 11th and 20th.
- Fourth Week: For those born from the 21st onward.
This helps the SSA manage payments efficiently and ensures that there are no delays.
Key Payment Dates and Amounts
| Payment Type | Date | Amount | Reason for Adjustment | Recipients |
|---|---|---|---|---|
| SSI November Payment | November 1, 2024 | Up to $900 | Routine Payment | SSI Beneficiaries |
| SSI December Advance | November 29, 2024 | Up to $900 | Advance for December 1 (Sunday) | SSI Beneficiaries |
| Social Security Retirement | Varies by Birthdate | Varies | Routine Payment | Social Security Beneficiaries |
| COLA Adjustment | January 2025 | 2.5% Increase | Annual Cost-of-Living Adjustment | All SSA Program Participants |
By understanding the payment schedules and adjustments, you can better manage your finances as you prepare for the last payments of 2024. The COLA increase in 2025 will be a welcome relief to many recipients.
Conclusion
The last Social Security payments of 2024 offer a crucial lifeline to millions of Americans. By staying informed about when and how much you will receive, you can plan your finances to ensure that you can cover your expenses. Keep in mind the upcoming COLA adjustment in 2025, which will increase your benefits by 2.5%. Understanding these payments and adjustments can help you maximize your benefits and prepare for the year ahead.
FAQ’s
When will the last Social Security payment of 2024 be made?
The last Social Security payment of 2024 for SSI recipients will be made on November 29, 2024. This is an advance payment for December 1, which falls on a Sunday.
How much will I receive in my final Social Security payment of 2024?
SSI recipients will receive up to $900 in both the November 1, 2024 and November 29, 2024 payments.
Will Social Security payments increase in 2025?
Yes, starting January 2025, Social Security and SSI payments will increase by 2.5% as part of the annual Cost-of-Living Adjustment (COLA).