In less than 24 hours, most Americans who get Social Security will get their last payment for the year. In the United States, the last payments to people who receive Social Security will be made in December 2024, before the Cost of Living Adjustment (COLA) increase takes effect. This will mean that monthly benefits will be higher.
The Social Security Administration (SSA) makes this change every October. It is based on factors like the economy and inflation. Based on the Consumer Price Index (CPI-W), a 2.5% rise was agreed upon for fiscal year 2025 on October 10, 2024.
This will be the last Social Security payment you will receive in 2024
It is common knowledge that payments are made on the second, third, and fourth Wednesdays of each month. People who get retirement benefits already know that the dates of their payments are based on their birth dates.
Like, people born on the 1st through 10th of each month got paid on the 4th Wednesday. Then, on December 18, checks were sent to people whose birthdays fell between December 11 and December 20.
On December 24, people whose birthdays fell between December 21 and December 31 would get their final distribution—earlier than usual because December 25 is a holiday.
Starting tomorrow, people who are retired, disabled, or have lost a loved one will all get their regular checks. The Social Security Administration says that these beneficiaries will get different amounts of money depending on the conditions and requirements they should have met before they could claim their disability, retirement, or survivor benefits. So, before the end of the year, they will get the following amounts of money:
| Social Security payments | Retirement benefits | Survivor benefits | Disability benefits |
| On average | $1,900 | $1,505 | $1,537 |
| Other payments | Age 62: $2,710 Age 67: $3,822 Age 70: $4,873 | Individual: $1,773 2 Children: $3,653 | Blind recipients: $2,590 Maximum payment: $3,822 |
The people who get Social Security should know that after this last payment, they will get a new payment with a 2.5% increase from the cost of living adjustment (COLA). Beneficiaries will get more money because of this new increase.
This will help them cover their living costs and keep up with inflation. The COLA increase was not as high as expected, but beneficiaries will still get an increase to help them keep their purchasing power. Also, they should remember that a lower COLA is not always a bad thing because it means that inflation is lower in the economy.
How much extra money will beneficiaries receive in their next Social Security payment?
Beneficiaries who qualify for the retirement, survivor, and disability insurance (RSDI) program and claimed benefits before May 1997 will get their higher Social Security payment in less than a week. This payment could reach $4,995 per month.
That being said, the biggest benefit will only go to people who have paid Social Security taxes based on the highest taxable earnings over the last 35 years. As of January 2025, the following are the average and maximum benefit amounts that retirees, survivors, and disabled people will get:
| Beneficiaries | Average monthly benefit | 2.5% COLA increase | Extra benefit |
| Retired Workers | $1,900 | $1,948 | $48 |
| Survivors | $1,508 | $1,546 | $38 |
| Disabled people | $1,537 | $1,575 | $38 |
| SSI – Individuals | $943 | $967 | $24 |
| Beneficiaries | Maximum monthly benefit | 2.5% COLA increase | Extra benefit |
| Retirement benefits | $4,873 | $4,995 | $122 |
| Survivor benefits | $3,653 | $3,744 | $91 |
| Disability benefits | $3,822 | $3,918 | $96 |
| SSI – Couples | $1,415 | $1,450 | $35 |
If Social Security checks do not arrive on time, something needs to be done right away to fix the problem. First, make sure the date is correct by looking at the SSA’s website’s payment calendar. Any longer than that, please call the SSA at 1-800-772-1213 to let them know what is going on.
To make sure that follow-up works, write down all communications and information that is given. You might also want to check your bank account to make sure there were no problems with direct deposits and then call your bank to make sure there were no mistakes.
