What’s New
Social Security payments will be deposited into bank accounts this week, shortly before Christmas.
Why It’s Important
Tens of millions of Americans rely on Social Security benefits, which are paid out monthly. However, because to the large number of receivers being paid, not all are paid on the same date. When a beneficiary is paid is determined by their birth date or the length of time they have claimed benefits.
Individuals who retire at age 70 in 2024 will be eligible for the maximum monthly compensation of $4,873. If you elect to retire and begin receiving benefits at the earliest age of 62, the maximum amount available is $2,710. In January 2024, the average monthly retirement benefit for participants was $1,907.
What To Know
This week, Social Security retirement payments for anyone born between the 21st and 31st of any given month will be deposited into their bank accounts on Tuesday, December 24—Christmas Eve.
While retirement payments are generally made on Wednesdays, this month’s installments will be made a day early because Christmas Day is a federal holiday.
“We do this to avoid putting you at a financial disadvantage and make sure that you don’t have to wait beyond the first of the month to get your payment,” the Social Security Administration explained in a 2022 blog post. “It does not mean that you are receiving a duplicate payment in the previous month, so you do not need to contact us to report the second payment.”
If your payment does not arrive on time, the Social Security Administration recommends waiting three working days before calling them. Federal holidays and weekends are not work days.
What’s Next
Social Security benefits will increase beginning in January. In October, the government agency announced a 2.5 percent increase in all benefits issued in 2025.
The cost-of-living adjustment (COLA) is an annual increase in benefits managed by the Social Security Administration to keep payments in line with inflation.
In 2025, the following apply:
- Maximum Social Security benefit for those retiring at the Full Retirement Age of 67: $4,018 per month
- Maximum Social Security benefit including Delayed Retirement Credits: $5,108 per month
- Maximum Supplemental Security Income benefit: $967 for a single person, $1,450 for a couple.
However, most retirees do not receive the maximum amount, thus payments may be reduced. The predicted average monthly benefit for 2025 is $1,976.
The first modified payments will be made in December 2024 to those who receive Supplemental Security Income (SSI), which is provided to blind and disabled Americans with little to no income and assets, and in January 2025 to those who get normal Social Security benefits.