Tomorrow, millions of retirees, survivors, and disabled Americans will receive a new Social Security check. However, not all beneficiaries will get their payment tomorrow.
The Social Security Administration (SSA) will send checks to people born between the 11th and the 20th of the month. Here’s a breakdown of what recipients can expect:
- Retirement Benefits: On average, retirees will receive $1,914. However, depending on the age they start collecting benefits, they could get more. For example, someone who starts collecting at age 62 could receive $2,710, while those waiting until age 70 could get as much as $4,873.
- Survivor Benefits: Survivors, including widows, widowers, and children of deceased workers, will get an average of $1,505. However, survivor benefits vary. For example, a person with two children could receive up to $3,653.
- Disability Benefits: People receiving Social Security Disability Insurance (SSDI) will get an average payment of $1,537, but this can also change based on individual circumstances like blindness or working history.
Payments Coming Later in December
This December, there are three remaining Social Security check payments scheduled. The SSA will deliver payments on December 18th, 22nd, and 31st.
Most Social Security beneficiaries get five rounds of payments every month, but this month, Supplemental Security Income (SSI) recipients will get an extra payment because January 1st falls on a holiday.
These recipients will be the first to receive the Social Security check with the 2.5% increase in the cost of living adjustment (COLA) boost.
In 2024, SSI payments are expected to pay around $698 on average to low-income seniors over 65 years old and disabled individuals. For individuals, the payment could be as much as $943, and couples could receive up to $1,415.
However, the new payment will reflect the 2.5% COLA increase. The SSI payment on December 31st will now include the increased amounts: individuals will get $967, and couples could see up to $1,450.
How Much More Money Will Retirees, Survivors, and Disabled Americans Earn in January?
Once SSI recipients receive their first increased Social Security check, other beneficiaries, such as retirees, survivors, and people with disabilities, will see a boost starting on January 3rd, 2025.
For those who applied for benefits before May 1997, this adjustment will reflect the 2.5% increase in COLA for 2025.
Here’s what the new amounts will look like:
- Retirement Benefits (Plus 2.5%): On average, retirees will earn $1,948, and those who start benefits at age 62 will get $2,778. If they wait until age 70, they could receive as much as $4,995.
- Survivor Benefits (Plus 2.5%): Survivors will earn around $1,543 on average. For a family with two children, this amount could rise to $3,744.
- SSDI Benefits (Plus 2.5%): Disability recipients will get an average of $1,575. Blind individuals could receive as much as $2,655.
- SSI Benefits (Plus 2.5%): SSI recipients will see an average increase of $715. For individuals, the amount could be as much as $967, and couples could receive up to $1,450.
Could Donald Trump Cut Social Security Benefits Under the New Administration?
There is a lot of speculation about whether Donald Trump if re-elected, might cut Social Security benefits.
At a recent campaign rally in Madison Square Garden, Trump made it clear that he wants to reduce the government budget by $2 trillion, or about 30% of spending.
Given that Social Security is the largest program in the federal budget, it could be a target.
However, Trump has taken different positions on Social Security over the years. Although he has said that he doesn’t want to eliminate Social Security, some of his other promises, such as mass deportations, could reduce revenue for the program.
According to a report from the Institute on Taxation and Economic Policy, illegal immigrants contribute $25 billion in Social Security taxes, which could be lost if deportations increase.
Additionally, Trump’s plan to eliminate income taxes on Social Security benefits, along with his proposed tariffs and deportations, could strain the program’s finances and potentially lead to cuts in the future. Some experts predict that this could result in a shortfall by 2031.
Conclusion
Social Security payments are an important lifeline for millions of Americans, including retirees, survivors, and people with disabilities. With new checks coming tomorrow, beneficiaries need to stay informed about the exact payment schedule and any changes in their benefits.
The 2.5% COLA increase in 2025 will help offset rising costs, and while there is speculation about future cuts, for now, many will see higher payments starting in the new year.
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