As 2024 nears its end, beneficiaries of Social Security and Supplemental Security Income (SSI) are preparing for the last payments of the year. With the upcoming Cost-of-Living Adjustment (COLA) increase set for January 2025, these final payments will wrap up 2024 benefits and provide a bit of extra planning for recipients before the new rates take effect. Here’s everything you need to know about the final disbursements, key payment dates, and what to expect in 2025.
Final Payments
The SSI program, supporting over 7.5 million Americans with disabilities, blindness, or limited income, usually issues payments on the first of each month. However, there is a unique payment schedule in November and December due to December 1 falling on a Sunday. This month, SSI recipients will receive two payments:
- November 1: The first payment, up to $900, was issued as scheduled.
- November 29: This second payment, also up to $900, is technically an advance for December’s SSI payment.
This advance ensures that recipients won’t experience any delays in their December funds during the holiday season.
Payments
Social Security retirement and disability benefits operate on a different schedule than SSI. Rather than the first of the month, payments are distributed based on recipients’ birth dates:
- Born 1st-10th: Payment arrives the second Wednesday of each month.
- Born 11th-20th: Payment arrives the third Wednesday.
- Born 21st-31st: Payment arrives the fourth Wednesday.
For December, this staggered schedule remains consistent, allowing Social Security beneficiaries to receive their payments in the second, third, or fourth week as usual.
Differences
Although both Social Security and SSI are administered by the SSA, their funding sources differ:
- Social Security: Funded by contributions through payroll taxes paid by workers and employers.
- SSI: Funded by the U.S. Department of the Treasury, supplemented in some states by additional funds.
These funding differences partly explain why the SSI program adjusts payment dates to ensure no delays due to holidays or weekends, whereas Social Security payments remain on a fixed schedule.
COLA
Starting in January 2025, a 2.5% COLA increase will take effect for all SSA-managed programs, including Social Security and SSI. This adjustment, applied annually, helps beneficiaries keep pace with rising living costs and maintain their purchasing power amidst inflation. For 2025, this small boost will offer some financial relief to those relying on these benefits.
Although the upcoming payments in November and December will be based on 2024 rates, January 2025 marks the beginning of higher benefits for retirees, SSI recipients, and others who depend on SSA assistance.
Payment Dates
With these final payments, Social Security and SSI beneficiaries can expect their last 2024 benefits as follows:
- SSI Payment: November 1 (up to $900)
- SSI Advance Payment for December: November 29 (up to $900)
- Social Security Retirement Payments: Throughout December, based on birth date (second, third, and fourth Wednesdays)
| Benefit Type | Payment Date | Amount |
|---|---|---|
| SSI Payment | November 1 | Up to $900 |
| SSI December Advance Payment | November 29 | Up to $900 |
| Social Security Retirement | Throughout December | Based on individual benefits |
Staying Informed
The SSA updates its schedules and important notices annually on its website, making it easy for beneficiaries to stay informed about their benefits. With the 2025 COLA increase and other program adjustments, staying aware of these changes helps beneficiaries plan their finances more effectively.
For questions about benefit amounts or payment schedules, visit the SSA’s website or contact their customer service.
FAQs
When is the last SSI payment for 2024?
The last SSI payment will be on November 29, 2024, as an advance for December.
What is the COLA increase for 2025?
The 2025 COLA increase is 2.5%, starting in January.
When will Social Security pay in December?
Social Security payments in December are on the 2nd, 3rd, or 4th Wednesday based on birth date.
How is SSI funded?
SSI is funded by the U.S. Treasury, while Social Security is funded by payroll taxes.
Will the COLA increase apply to both SSI and Social Security?
Yes, the COLA increase applies to both SSI and Social Security benefits.
