What’s New
Social Security payments will be hitting bank accounts this week just before Christmas.
Why It’s Important
Social Security benefits are a vital source of income for tens of millions of Americans, with payments distributed on a monthly basis. However, due to the sheer amount of recipients being paid, not everyone is paid on the same date. When a recipient is paid depends on their birth date or how long they’ve been claiming benefits for.
In 2024, individuals who retire at age 70 can receive the maximum monthly benefit of $4,873. If you decide to retire and begin receiving benefits at the earliest age of 62, the highest amount available would be $2,710. As of January 2024, the average monthly retirement benefit for recipients was $1,907.
What To Know
This week, Social Security retirement benefits for those born between the 21st and 31st of any given month in the year will get checks into their bank accounts on Tuesday, December 24—Christmas Eve.
While retirement payments are usually made on Wednesdays, amounts will be paid a day earlier this month due to Christmas Day being a federal holiday.
“We do this to avoid putting you at a financial disadvantage and make sure that you don’t have to wait beyond the first of the month to get your payment,” the SSA said in a 2022 blog post. “It does not mean that you are receiving a duplicate payment in the previous month, so you do not need to contact us to report the second payment.”
The SSA recommends waiting three working days before contacting them if your payment does not arrive on the expected date. Federal holidays and weekends are not working days.
What’s Next
Benefits paid by the Social Security Administration will rise for January onward. In October, the government agency announced a 2.5 percent boost to all benefits issued in 2025.
The cost-of-living adjustment (COLA) increases benefits administered by the SSA on a yearly basis to keep payments in line with inflation.
In 2025, the following applies:
- Maximum Social Security benefit for those retiring at the Full Retirement Age of 67: $4,018 per month
- Maximum Social Security benefit including Delayed Retirement Credits: $5,108 per month
- Maximum Supplemental Security Income benefit: $967 for a single person, $1,450 for a couple.
However, the majority of retirees do not receive the maximum amount, so payments could be lower than this. The estimated average monthly benefit for 2025 is $1,976.
The first adjusted payments will be made in December 2024 for those who collect Supplemental Security Income (SSI), which is issued to blind and disabled Americans with little to no income and assets, and in January 2025 for people who get regular Social Security payments.
The post Social Security Update: Payment of up to $4,873 To Go Out Before Christmas appeared first on Newsweek.
