The Social Security Administration (SSA) is preparing for its final payments for 2024, providing important information for retirees and Supplemental Security Income (SSI) recipients. Knowing the upcoming schedule and how to maximize benefits is vital for those receiving both payments.
Beneficiaries Eligible
Certain beneficiaries may receive up to three payments between November and December 2024. This applies specifically to those who qualify for both Social Security retirement benefits and SSI.
Payment Dates
- November 29, 2024: SSI payment.
- December 3, 2024: Social Security retirement payment for some beneficiaries.
- December 31, 2024: Another SSI payment, reflecting the 2025 Cost-of-Living Adjustment (COLA) increase.
Recipients who qualify for both SSI and retirement benefits can expect three payments during this period, with the last SSI check including a 2.5% COLA increase.
Breakdown of SSI
To better understand the potential income, here is a comparison of payment amounts before and after the 2025 COLA:
| Type of Payment | 2024 Amount | 2025 Amount (Post-COLA) |
|---|---|---|
| SSI (Essential person) | $472 | $484 |
| SSI (Individual) | $943 | $967 |
| SSI (Married couple) | $1,415 | $1,450 |
| Retirees (average) | $1,927 | $1,976 |
| Max benefit at FRA | $3,822 | Adjusted for COLA in 2025 |
| Max benefit at age 70 | $4,873 | Adjusted for COLA in 2025 |
Additional Considerations
- Full Retirement Age (FRA): Beneficiaries who file at FRA receive 100% of their earned benefits.
- High Earners: Those with higher lifetime earnings who filed at FRA may receive up to $3,822 monthly in 2024. Those who delayed benefits until age 70 can see payments up to $4,873.
- SSI Eligibility: High earners typically do not qualify for SSI, limiting them to retirement payments only.
Impact of the COLA Increase
The 2025 COLA increase of 2.5% helps beneficiaries keep pace with inflation. This adjustment will be reflected in the last SSI payment on December 31, 2024, and in Social Security payments starting in January 2025.
Example Adjustments
- SSI Payment for an Individual:
- 2024: $943
- 2025: $967 (after COLA)
- Retiree Average Payment:
- 2024: $1,927
- 2025: $1,976 (after COLA)
These adjustments, though modest, provide extra financial support in response to rising living costs.
Maximizing Payments
Understanding the timing of Social Security and SSI payments is essential for beneficiaries who qualify for both. Receiving three payments before 2025 can provide additional cash flow to cover year-end expenses or offer a financial cushion for early 2025.
Who Stands to Gain the Most?
Retirees who also qualify for SSI benefit the most from the year-end payment schedule. The combination of November and December SSI payments, along with the December 3 retirement payment, can be an important financial boost.
Managing Social Security and SSI payments, especially with COLA adjustments, can be complex. However, understanding payment schedules and amounts helps recipients plan effectively. For those who qualify for both SSI and retirement benefits, the end of 2024 offers a unique opportunity to increase their income before 2025.
FAQs
When will SSI payments be made in December 2024?
SSI payments will be made on December 31, 2024.
How many payments can dual beneficiaries receive before 2025?
Dual beneficiaries can receive up to three payments before 2025.
What is the 2025 COLA increase for Social Security?
The 2025 COLA increase is 2.5%.
How much will an individual receive in SSI after COLA?
An individual will receive $967 monthly after the 2025 COLA.
What is the maximum 2024 payment for retirees at age 70?
The maximum payment is $4,873 for those who delayed until age 70.
