Cyber Monday often marks a last hurrah for November spending, especially for Social Security recipients who might stretch their budgets for deals or Thanksgiving celebrations. But as December rolls in, many retirees and beneficiaries start looking forward to their next Social Security payment.
The first of these December payments is scheduled for Tuesday, December 3, 2024. However, not everyone will receive a payment on this date—it’s reserved for specific groups. Let’s break it down.
Recipients
The December 3 Social Security payment applies to two specific groups:
- Supplemental Security Income (SSI) Recipients with Social Security Benefits: If you’re receiving both SSI and retirement benefits simultaneously, this payment is for you.
- Pre-May 1997 Retirement Beneficiaries: Those who started receiving benefits before May 1997 and remain eligible under SSA rules are also included.
If you’re receiving SSDI (Social Security Disability Insurance) due to a medical condition, you might qualify for this payment too, provided you meet the criteria above.
SSI Payment Variance
While most December payments won’t reflect any changes, SSI recipients should note an exception. The December 31, 2024, SSI payment will include the 2025 Cost of Living Adjustment (COLA). Why? This payment is technically for January 1, 2025, but it’s issued early to avoid conflicts with New Year’s Day, a federal holiday.
Payment Amounts
The amount you’ll receive depends on several factors, such as when you filed for benefits and your work history. Here’s an overview of potential payment amounts:
| Filing Age | Monthly Payment |
|---|---|
| At age 70 | Up to $4,873 |
| At age 62 | Up to $2,710 |
| Full Retirement Age | Up to $3,822 |
These figures assume you’ve met the criteria for the taxable maximum and worked in covered employment for at least 35 years.
SSI with COLA
For SSI recipients, the COLA increase for 2025 will take effect in the December 31 payment. On average, retirees can expect to receive around $1,927 per month in 2025, thanks to the adjustment.
Key Takeaways
If you’re planning for the holidays, knowing the timing and amount of your Social Security payments can help manage your expenses. December brings predictable payments for most, with the added bonus of the 2025 COLA boost for SSI recipients by the month’s end.
Staying informed ensures you’re prepared, whether it’s for covering routine expenses or splurging a little on the season’s festivities.
FAQs
Who gets paid on December 3, 2024?
Recipients of SSI and Social Security benefits, or those on pre-May 1997 retirement benefits.
Does the payment include a COLA boost?
No, the December 3 payment doesn’t include the COLA increase.
What is the average payment for retirees?
Retirees can expect an average of $1,927 monthly in 2025.
What is the largest possible payment in December?
Up to $4,873 for those filing at 70 with maximum earnings.
Why is the December 31 payment early?
It’s advanced to avoid delays due to New Year’s Day.
