The Social Security Administration (SSA) plays an essential role in supporting millions of Americans each month. Every month, the SSA sends out nearly 73 million payments to beneficiaries.
This includes retired workers, survivors, people receiving Social Security Disability Insurance (SSDI), and those on Supplemental Security Income (SSI).
The timing of these payments is based on a schedule that takes into account the recipient’s date of birth and the type of benefits they receive.
Social Security Payment Schedule Explained
The SSA follows a specific distribution schedule for monthly payments. For retired workers, payments are typically sent out on Wednesdays. However, the exact date depends on the individual’s birthdate:
- Those born between the 1st and 10th of the month receive their payment on the second Wednesday.
- If someone’s birthday falls between the 11th and 20th of the month, they get their payment on the third Wednesday.
- People born between the 21st and 31st receive their payments on the fourth Wednesday.
However, there’s a special rule for workers who began receiving their retirement benefits before May 1997. These individuals are not bound by the standard Wednesday schedule and instead receive their payments on the third day of each month, no matter when their birthday falls.
For those who receive Supplemental Security Income (SSI), payments are generally made on the 1st of each month.
If you receive both SSI and Social Security benefits, you’ll get your SSI payment on the 1st, and your Social Security payment will follow the birth date schedule.
How Much Money Do Social Security Recipients Get?
The amount you receive from Social Security depends on various factors, including your contribution history and the age at which you start receiving retirement payments.
Some recipients may wonder how much they will get in 2024, and the SSA provides official estimates that can help beneficiaries plan their finances better.
In 2024, the average monthly Social Security payment for a retired individual is $1,907. For couples filing jointly, the average payment is $3,303.
Those receiving SSI can expect an average of $943 per month for individuals, or $1,415 for couples.
Will You Get $1,900 on Dec. 24?
If you’re wondering whether you will receive $1,900 on Tuesday, Dec. 24, here’s what you need to know: the regular payment schedule for retirees usually falls on Wednesdays.
However, because Christmas Day, Dec. 25, falls on a Wednesday this year (and is a federal holiday), the SSA has adjusted the payment schedule.
Retirees whose birthdays fall between the 21st and 31st of the month will receive their benefits a day earlier, on Tuesday, Dec. 24. This will be an average payment of $1,900.
This payment will be for December, and the amount could be higher if you’re receiving the Cost of Living Adjustment (COLA) for 2024.
It’s important to note that the COLA increase will come into play for 2025, with an additional 2.5% increase expected in January.
What Happens After the December 24 Payment?
After the payment on Dec. 24, the SSA will send out its last check of the year. This final payment, scheduled for Dec. 31, will be for those who receive SSI.
Importantly, this payment will also cover January 2025 and will be sent earlier due to the New Year’s Day holiday on Jan. 1.
This January payment will already include the 2.5% COLA increase. The COLA adjustment is a mechanism that helps keep Social Security payments aligned with inflation, ensuring that beneficiaries’ purchasing power does not decrease over time.
So, for those expecting payments in the new year, the added increase will help offset the rising cost of living.
COLA Increase and What It Means for You?
Starting in 2025, all Social Security payments will see a 2.5% increase due to the COLA. To figure out how much your benefit will go up, you can simply add 2.5% to your current monthly benefit.
The adjustment will happen automatically for everyone starting in January, which means you don’t have to do anything to receive the increase.
This increase is important because it helps beneficiaries keep up with rising costs. As the cost of living continues to increase, the COLA ensures that Social Security recipients can maintain their standard of living without their payments losing value.
Conclusion
If you were born between the 21st and 31st of the month, you can expect to receive your Social Security payment of around $1,900 on Tuesday, Dec. 24. This is due to the federal holiday on Christmas Day.
Additionally, you can look forward to a 2.5% increase in your benefits starting in January 2025, which will help keep up with inflation. It’s a good time to check your Social Security schedule and plan ahead for the new year.
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