As 2024 nears its end, Social Security Administration (SSA) beneficiaries are preparing for the last payments of the year.
These payments, including a Cost-of-Living Adjustment (COLA) increase for 2025, will offer some financial relief. Let’s break down what to expect, how the payment schedules work, and the impact of these changes.
November and December 2024 Social Security Payments
SSI Payments and Their Schedule
Supplemental Security Income (SSI) helps over 7.5 million people with disabilities, blindness, or low incomes. SSI payments typically arrive on the first of each month, but the SSA adjusts schedules for weekends or holidays.
- November 1, 2024: The first SSI payment for November, up to $900.
- November 29, 2024: The second SSI payment, an advance for December, due to December 1 falling on a Sunday.
Social Security Retirement Payments
Social Security retirement beneficiaries receive payments based on their birth dates:
- Birthdays in the 1st–10th: Second week of the month.
- Birthdays in the 11th–20th: Third week of the month.
- Birthdays in the 21st–31st: Fourth week of the month.
This staggered schedule ensures funds are managed effectively.
Understanding SSI and Social Security Funding
How Are These Programs Funded?
While both programs are managed by the SSA, they are funded differently:
- SSI: Funded by the U.S. Treasury, with some states offering additional support.
- Social Security: Funded through payroll taxes paid by workers and employers.
Why Is This Important?
These differences explain why SSI payments may shift during holidays or weekends, while Social Security payments stick to a strict staggered schedule.
Cost-of-Living Adjustment (COLA) for 2025
Starting January 2025, Social Security and SSI recipients will see a 2.5% increase in payments due to COLA. This annual adjustment accounts for inflation and ensures beneficiaries maintain purchasing power.
- 2024 Payments: Regular amounts until December.
- 2025 Payments: Increased amounts reflecting the COLA adjustment.
Key Details About Final 2024 Payments
To summarize, the final payments for 2024 include:
- November 1: First SSI payment for November, up to $900.
- November 29: Second SSI payment, covering December.
- December 2024: Final retirement payments, based on birth dates.
Stay Informed
Beneficiaries can check the SSA’s website for updated payment schedules and details about future COLA adjustments.
1. Why are there two SSI payments in November 2024?
December’s SSI payment is advanced to November 29 because December 1 falls on a Sunday.
2. How are Social Security payments scheduled?
Retirement payments are based on birth dates and distributed throughout the month.
3. What is COLA, and how does it affect payments?
COLA is a yearly adjustment to account for inflation. In 2025, payments will increase by 2.5%.
4. Are SSI and Social Security funded the same way?
No. SSI is funded by the Treasury, while Social Security relies on payroll taxes.
5. Where can I find updates on payments?
The SSA’s website provides schedules and announcements about changes.
