Recipients of Social Security may observe alterations in their payment timetable this month owing to the calendar adjustments. Some beneficiaries will receive two payments in December, while others might see their cost-of-living adjustment (COLA) increase take effect sooner than anticipated. Typically, those who receive Supplemental Security Income (SSI) get their payments on the first day of each month.
However, since December 1 landed on a Sunday this year, SSI beneficiaries collected their December payment on November 29. Additionally, they will receive another payment on December 31, which serves as an advance for their January 2025 benefits. The Social Security Administration has declared a 2.5% COLA for 2025, marking the smallest rise since 2021.
Changes in the December payment schedule
This revision will result in an average increase of $50 to each monthly benefit check, elevating the average payment amount to $1,976 monthly. For the majority of Social Security recipients, the new COLA will commence with their January payment.
In contrast, SSI recipients will witness the increase in their December 31 payment, which corresponds to their January 2025 benefits. Below is the timeline for when Social Security recipients will receive their updated COLA payments for 2025:
– December 31: SSI recipients
– January 3: Individuals who claimed Social Security prior to May 1997 or those who receive both Social Security and SSI
– January 8: Recipients born from the 1st to the 10th of the month
– January 15: Recipients born from the 11th to the 20th of the month
– January 22: Individuals born from the 21st to the 31st of the month
The Social Security Administration will be sending out COLA notifications throughout December to update beneficiaries on how their benefits will be adjusted due to the cost-of-living increase. Beneficiaries can also log into their individual accounts, created prior to November 20, to access their COLA notification starting in early December.
It is vital for beneficiaries to comprehend that receiving two payments in December does not imply they are receiving extra funds. The second payment is simply an advance on their January benefit, so effective budgeting is essential to ensure financial stability in the following month.
