As the year comes to a close, the last round of Social Security payments will soon be sent out.
Since the holidays are already here, the millions of Americans who depend on Social Security to pay their bills each month may use their last payments of 2024 to finish up their last-minute Christmas shopping or get ready for the higher costs that come with the season, like the extra food and heating costs for families who are hosting.
The importance of Social Security payments during the holiday season
Payments from Social Security are very important during the holidays because they are a main source of income for millions of Americans who are elderly, disabled, or have low incomes.
About 72.5 million Americans get money every month from Social Security. Many people’s costs go up around the holidays because they travel, buy gifts, and do other holiday-themed things. This makes it even more important to have reliable financial support.
For retirees whose main source of income is Social Security, these payments help cover basic costs like housing, food, and medical care. This way, they can stay healthy during a time when they may be under more financial stress.
Also, people who are having trouble with disability or other financial problems can benefit greatly from getting their Social Security payments on time.
Black Friday and December Social Security dates
On November 26, just in time for the Black Friday sales, Social Security recipients got their last payment for the month of November. The people listed below can expect their last payments in 2024 on the dates listed.
- December 1st: Supplementary Security Income and Social Security payments for beneficiaries for those who claimed for benefits before July 1997
- December 3rd: Supplementary Security Income and Social Security payments for beneficiaries who receive payments from both these programs
- December 13th: Social Security payments for those with birthdays that fall between the first and 10th of any month
- December 20th: Social Security payments for those with birthdays that fall between the 11th and 20th of any month
- December 27th: Social Security payments for those with birthdays that fall between the 21st and 31st of any month
In December, there will also be a bonus payment. January payments for people who have been getting Supplemental Security Income or Social Security since before July 1997 will start on December 29. This is because January 1 is a holiday.
New COLA increase for 2025 Social Security payments
2.5% more will be taken out of your Social Security payments in 2025. We can thank the new cost-of-living adjustment index for this.
It tells Social Security how much to raise benefits. While the COVID-19 pandemic has been going on, this is the lowest its been since the beginning.
The fact that the COLA is going down shows that inflation is going down and that the economy is starting to get better after the pandemic.
Martin O’Malley, commissioner of Social Security, said at the October announcement of the new COLA number, “Social Security benefits and SSI payments will increase in 2025.
This will help tens of millions of people keep up with their costs even though inflation has started to cool.” The COLA for this year, 2023, was set at 8.7%, which is one of the highest amounts the Social Security Administration has ever seen.
The cost of living goes up because of inflation. The COLA adjustment helps make sure that Social Security payments keep up with rising prices and gives recipients more financial security.
This increase is part of a larger effort to help seniors and disabled people, who are often the most affected by changes in the economy, do better financially.
By making these changes, the government is showing that it is committed to helping people who get Social Security.
It is also emphasizing how important the program is as a safety net during times of economic uncertainty, which is a step toward financial stability and recovery for many.
