Many Americans may be surprised to learn that the end of 2024 Social Security payments will include crucial news. Although some payments are made in the current fiscal year, some will include the 2025 cost-of-living adjustment (COLA). This annual adjustment, designed to balance inflation, allows beneficiaries to preserve their purchasing power while prices rise. As a result, it is normal to get this increment in the relevant year, 2025, rather than the year prior to the increase.
The Supplemental Security Income (SSI) payment, due on December 31, 2024, is a key consideration in this regard. As previously stated, this payment will be delivered in 2024, but it will include the predetermined increase. The major goal of everything related to this SSI benefit advance is to keep residents from missing their monthly payment, therefore some of them may receive it even early.
Who gets Social Security with Cost of Living in December 2024?
The 2025 cost-of-living adjustment (COLA) will be advanced to SSI beneficiaries who will collect on December 31, 2024. Due to the federal holiday on January 1, the Social Security Administration is providing an advance payment to assure timely delivery. As a result, beneficiaries will get the new adjusted amount just before the end of the year.
Supplemental Security Income benefits individuals over 65, those with disabilities or blindness, and children who meet eligibility requirements. This program is especially important for persons with low income and resources. Finally, the objective of SSI is to assist people who are most in need.
By increasing the payment with the COLA, beneficiaries can better afford basic needs around the end of the year, which can be challenging for certain households. Similarly, it is true that this benefit will be paid no later than the beginning of January. Finally, no American will have to wait too long.
However, the 2025 COLA is set at 2.5%, resulting in a considerable rise in payouts. For instance, a beneficiary receiving the maximum amount of $943 in 2024 can expect an increase to $967 in January 2025. While the increase may appear insignificant, it has a good impact by providing additional cushion to cover daily expenses, particularly for those with modest resources. Still, in this situation, we’re talking about the maximum check, which not all Americans can obtain.
This COLA advance helps recipients plan their money for the new year, a challenging time for many Americans. With the rise beginning in December, it is easier to budget and ensure a smoother financial transition.
All of this makes sense if we activate Direct Deposit. This form of collection is immediate, therefore the SSI payment will arrive in the checking account without having to wait. Those who have not engaged Direct Deposit will have to wait a few days, but the money will arrive in their current account within three days at most.
