MILLIONS of Americans will not receive their Social Security checks on the usual date this month.
However the good news is that because of Christmas, they will come through a day earlier than expected.
End of year payment dates are changing for some, with Social Security checks arriving early[/caption]
The payments, worth up to $4,873, will hit bank accounts on December 24 because of the way the holidays fall this year.
This change affects people who usually receive their money on the fourth Wednesday of every month, which in December is Christmas Day.
And with pretty much everything closed for business over the holiday, it means recipients will receive their checks or direct payment to their bank accounts on Christmas Eve.
It won’t affect all beneficiaries though, as how Social Security payments are distributed across the US depends on birth dates.
Those with birthdays from the 1st until 10th of the month receive their money on the second Wednesday of each month.
Recipients born on the 11th until the 20th are paid on the third Wednesday every month.
Finally, people with a birthday falling from the 21st until the 31st of the month receive their social security payment on the fourth Wednesday of each month.
SUPPLEMENTAL SECURITY INCOME
Americans who receive supplemental security income (SSI) will face a second change at the end of the year.
This benefit is paid to recipients on the first of the month – which of course in January is New Year’s Day.
As this is a holiday, payments will be made the day before, meaning recipients will receive the first payment of 2025 on the last day of 2024.
What’s more, the maximum monthly SSI payment on December 31 will be $967, rather than the $943 max seen so far this year.
This is because the annual cost-of-living adjustment (COLA) for 2025 kicks in from January.
It represents a 2.5% increase to the monthly distribution and is based on inflation rates, as well as on what the government decides individuals need.
What are the different Social Security payments?
Social Security provides a source of income when you retire or if you cannot work due to a disability.
There are four main types of Social Security benefits:
- Retirement – a monthly check that replaces part of your income when you reduce your hours or stop working altogether.
- Social Security Disability Insurance (SSDI) or “disability” provides monthly payments to people who have a disability that stops or limits their ability to work.
- Supplemental Security Income (SSI) – provides monthly payments to people with disabilities and older adults who have little or no income or resources.
- Survivor benefits – monthly payments to eligible family members of people who worked and paid Social Security taxes before they died.
Supplemental Security Income is paid to individuals and couples age 65 and older, people with disabilities and those with limited income and resources.
To qualify you need to have less than $2,000 in assets ($3,000 for a couple).
BANK AND POST OFFICE CLOSURES
Along with many retailers, banks and post offices will be closed on Christmas Day.
They will generally be open on Christmas Eve, but may be working to reduced opening times.
The USPS is shutting all of its post offices for Christmas Day and New Year’s Day, with services back to normal on December 26 and January 2.
It confirms though that its offices will be open on Christmas Eve and New Year’s Eve, but advises customers to check with their local branch for holiday hours.
Some banks will be open on Christmas Eve, including some branches of Bank of America, Citibank and Capital One, according to USA Today.
Again check with your local branch for up-to-date opening times.
The SSA has a helpful calendar that shows the schedule for social security payments.
Social Security and money expert Shalae Morgan spoke to the US Sun and shared how delaying your benefits could earn you $26,000 more annually.
She also noted two common mistakes that could lose you $1,000s in social security and three tricks to plan ahead.
