{"id":258,"date":"2024-12-20T01:59:50","date_gmt":"2024-12-20T01:59:50","guid":{"rendered":"https:\/\/www.soscip.org\/us\/?p=258"},"modified":"2024-12-20T01:59:51","modified_gmt":"2024-12-20T01:59:51","slug":"social-security-alert-deposits-of-up-to-4873","status":"publish","type":"post","link":"https:\/\/www.soscip.org\/us\/social-security-alert-deposits-of-up-to-4873\/","title":{"rendered":"Social Security Alert: Deposits of Up to $4,873 Hitting Bank Accounts This Week"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Millions of Americans will receive their <a href=\"https:\/\/www.soscip.org\/us\/social-security-alert-deposits-of-up-to-4873\/\" data-type=\"link\" data-id=\"https:\/\/www.soscip.org\/us\/social-security-alert-deposits-of-up-to-4873\/\">Social Security payments this week<\/a>, with deposits scheduled to hit accounts based on beneficiaries\u2019 birth dates. Here&#8217;s everything you need to know about the December 2024 payment schedule, upcoming changes, and what it means for recipients.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li><a href=\"#december-2024-payment-schedule\">December 2024 Payment Schedule<\/a><\/li><li><a href=\"#changes-to-ssi-payment-schedule-for-january-2025\">Changes to SSI Payment Schedule for January 2025<\/a><\/li><li><a href=\"#maximum-social-security-payments-in-2024\">Maximum Social Security Payments in 2024<\/a><\/li><li><a href=\"#2025-cost-of-living-adjustment-cola\">2025 Cost of Living Adjustment (COLA)<\/a><\/li><li><a href=\"#key-takeaways\">Key Takeaways<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"december-2024-payment-schedule\"><strong>December 2024 Payment Schedule<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Social Security Administration (SSA) distributes benefits in waves, depending on when beneficiaries were born:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>December 11:<\/strong> Payments for those with birthdays falling between the <strong>1st and 10th<\/strong> of any month.<\/li>\n\n\n\n<li><strong>December 18:<\/strong> Payments for birthdays between the <strong>11th and 20th<\/strong> of any month.<\/li>\n\n\n\n<li><strong>December 24:<\/strong> Payments for birthdays between the <strong>21st and 31st<\/strong> of any month.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Supplemental Security Income (SSI) payments were sent at the end of November.<\/li>\n\n\n\n<li>Retirement benefits for long-term beneficiaries (those receiving since May 1997) were paid on <strong>December 3<\/strong>.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"changes-to-ssi-payment-schedule-for-january-2025\"><strong>Changes to SSI Payment Schedule for January 2025<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">SSI recipients typically receive their payments on the <strong>first of each month<\/strong>, but due to the <strong>New Year\u2019s Day federal holiday<\/strong>, January&#8217;s payment will arrive a day earlier, on <strong>December 31, 2024<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SSA clarified:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">\u201cThis adjustment ensures recipients are not financially disadvantaged due to the holiday. It does not constitute a duplicate payment.\u201d<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">If a payment doesn&#8217;t arrive as expected, beneficiaries are advised to wait <strong>three working days<\/strong> before contacting the SSA. Public holidays and weekends are not considered working days.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"maximum-social-security-payments-in-2024\"><strong>Maximum Social Security Payments in 2024<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For individuals retiring at different ages, benefits vary:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Age 70:<\/strong> Maximum monthly benefit is <strong>$4,873<\/strong>.<\/li>\n\n\n\n<li><strong>Age 62 (earliest eligibility):<\/strong> Maximum benefit is <strong>$2,710<\/strong>.<\/li>\n\n\n\n<li><strong>Average retirement benefit:<\/strong> As of January 2024, stands at <strong>$1,907 per month<\/strong>.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/new-wave-700-stimulus-checks-whats-next-for-2025\/\" data-type=\"post\" data-id=\"71\">New Wave of $700+ Stimulus Checks: Who Qualifies and What\u2019s Next for 2025?<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/medicare-hidden-costs-10-expenses-to-pay\/\" data-type=\"post\" data-id=\"86\">Medicare\u2019s Hidden Costs: 10 Expenses You\u2019ll Have to Pay Out-of-Pocket<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/warm-relief-new-yorkers-996-heap-stimulus-checks\/\" data-type=\"post\" data-id=\"128\">Warm Relief for New Yorkers: $996 HEAP Stimulus Checks to Combat Winter Costs this Christmas<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/social-security-major-changes-coming-in-2025\/\" data-type=\"post\" data-id=\"28\">Social Security Shake-Up: Major Changes Coming in 2025 \u2014 Are You Affected?<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/the-medicare-advantage-trap-health-and-wealth\/\" data-type=\"post\" data-id=\"100\">The Medicare Advantage Trap: What They\u2019re Not Telling You About Your Health and Wealth<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"2025-cost-of-living-adjustment-cola\"><strong>2025 Cost of Living Adjustment (COLA)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Starting January 2025, Social Security recipients will see a modest increase in their benefits due to the <strong><a href=\"https:\/\/www.soscip.org\/us\/double-ssi-payments-dec-2024-2025-cola-increase\/\" data-type=\"post\" data-id=\"6\">2.5% Cost of Living Adjustment<\/a> (COLA)<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>COLA Impact:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Benefits for nearly <strong>68 million Social Security recipients<\/strong> will increase in January 2025.<\/li>\n\n\n\n<li>Increased SSI payments for approximately <strong>7.5 million recipients<\/strong> will begin on <strong>December 31, 2024<\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Why the COLA Is Smaller for 2025:<\/strong>\n<ul class=\"wp-block-list\">\n<li>The 2025 adjustment reflects lower inflation rates compared to the <strong>historic 8.7% COLA<\/strong> seen in 2023. That increase was prompted by high inflation during the COVID-19 pandemic, which peaked at <strong>9.2% in 2022<\/strong>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"key-takeaways\"><strong>Key Takeaways<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Plan for Payments:<\/strong> Ensure you\u2019re aware of your payment schedule and check your accounts accordingly.<\/li>\n\n\n\n<li><strong>Understand COLA Adjustments:<\/strong> While 2025\u2019s COLA increase is modest, it ensures that benefits remain aligned with inflationary trends.<\/li>\n\n\n\n<li><strong>Monitor Payment Issues:<\/strong> If payments are delayed, contact the SSA after three business days to resolve issues.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">As inflation continues to stabilize, the SSA remains committed to providing financial security for millions of Americans. Be sure to keep an eye on your upcoming payments and any adjustments that could impact your benefits in the New Year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millions of Americans will receive their Social Security payments this week, with deposits scheduled to hit accounts based on beneficiaries\u2019 birth dates. Here&#8217;s everything you need to know about the December 2024 payment schedule, upcoming changes, and what it means for recipients. December 2024 Payment Schedule The Social Security Administration (SSA) distributes benefits in waves,&nbsp;<a class=\"read-more\" href=\"https:\/\/www.soscip.org\/us\/social-security-alert-deposits-of-up-to-4873\/\">Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[7,5,6],"class_list":["post-258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-social-security","tag-social-security-administration","tag-social-security-benefits","tag-social-security-news"],"_links":{"self":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/comments?post=258"}],"version-history":[{"count":7,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/258\/revisions"}],"predecessor-version":[{"id":1123,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/258\/revisions\/1123"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/media\/261"}],"wp:attachment":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/media?parent=258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/categories?post=258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/tags?post=258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}