As the year wraps up, millions of Americans eagerly await the final Social Security payments of 2024. With the new year just around the corner, a fresh payment cycle and updated schedules are set to begin. But before that, there’s good news: the Social Security Administration (SSA) will send out two separate payments before December ends.
These payments cater to different groups of beneficiaries and represent distinct benefits. Some retirees may even qualify to receive both payments, providing a financial boost to wrap up the year or prepare for the next. However, to ensure eligibility, it’s crucial to understand the payment schedule, requirements, and available benefits.
Who Will Receive December Payments?
Before December closes, two key payments are scheduled:
December 24th: Social Security Retirement Payment for Group 4
This payment is for retirees born between the 21st and 31st of any month who started receiving benefits after May 1997. While it’s typically scheduled for the 25th (fourth Wednesday of the month), this year, Christmas falls on that day—a federal holiday—so the payment will be sent a day earlier.
December 31st: Supplemental Security Income (SSI) Payment
Beneficiaries eligible for SSI will receive their January 2025 payment early, on the last day of December. This check will include the updated 2025 COLA (Cost-of-Living Adjustment), making it a valuable start to the new year.
What You Need to Know
Direct Deposit Advantage: To ensure the funds are in your account on the payment date, activate Direct Deposit. This method guarantees quick and hassle-free access to your benefits.
Processing Times: Keep in mind that payment dates refer to when the SSA sends out the funds, not necessarily when they hit your account. Depending on your bank or payment method, there might be a slight delay.
By staying informed about these payment schedules and ensuring all requirements are met, retirees can maximize their year-end benefits and prepare for a financially secure 2025.
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