Millions of Americans are excited to get a raise in COLA, but they have to wait. In 2024, Social Security has not planned to raise benefits for retirees or recipients of Disability Insurance.
As a matter of fact, they won’t get a lift until the new year. For those who receive Supplemental Security Income, there is significant news. This is due to the fact that on December 31, 2024, they will receive their COLA raise. Therefore, they won’t have to wait until 2025 to receive an increase in Social Security benefits.
December 2025 was the last Social Security payment before the 2025 COLA increase.
For retirees and SSDI claimants, December 24 will mark the final Social Security payment prior to the 2025 COLA boost. You must fulfill the birthdate criterion in order to be eligible for this payment on December 24.
It will be imperative to be born after the twentieth. You must, however, not be receiving Supplemental Security Income and have begun receiving Social Security benefits after April 30, 1997.
Prior to December 24, Social Security benefits will be paid on the second and third Wednesdays of the month, or December 11 and December 18. Although the 25th is a federal holiday, the last retirement or SSDI payment should have been made on that day.
Social Security first January payments with COLA
On January 3, 2025, the Social Security Administration will send out the first retirement and SSDI payout along with the 2025 COLA. If you receive both Social Security and SSI benefits at the same time, this will be your payday.
You will get your direct deposit or cheque on January 8, 15, or 22 if you are not eligible for the January 3 payment. You will receive it either early or later in the month, depending on the day of your birth.
Thus far, the most recent COLA forecast appears to be less than in prior years. The fact that it might be bigger than typical COLAs will assist retirees and SSDI recipients keep their purchasing power, so this is still good news.
