As the year begins to close out, the final round of Social Security payments are soon to be released. With the holiday season in full swing, the millions of Americans who rely on Social Security to cover monthly expenses may use the final payments of 2024 to cover some last-minute Christmas shopping expenses or to prepare for the increase in expenses which come with the holiday season such as additional heating and food costs for those who are hosting relatives.
The importance of Social Security payments during the holiday season
Social Security payments are particularly important over the holiday season, as they provide a vital source of income for millions of Americans who are seniors, disabled individuals, and low-income individuals. Approximately 72.5 million Americans receive Social Security payments each month. During the holiday season, many people face increased expenses due to travel, gift-giving, and seasonal activities. This makes reliable financial support even more critical.
For retirees who rely on Social Security as their primary source of income, these payments help cover essential costs like healthcare, housing, and food, ensuring that they can maintain their well-being during a time when additional financial pressures may arise. Moreover, for those who are struggling with disability or other financial challenges, timely Social Security payments can offer much-needed relief and stability.
Black Friday and December Social Security dates
The final November Social Security payment for beneficiaries was sent out on the 26th November, just in time for the weekend Black Friday sales. The following dates are when beneficiaries can expect their final 2024 payments”
- 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
There will also be a bonus payment in December. On December 29th, January payments for Supplementary Security Income and Social Security for those who have been claiming since before July 1997 will be made as January 1 is a holiday.
New COLA increase for 2025 Social Security payments
The new 2025 Social Security payments will be increased by 2.5%. This is down to the new cost-of-living adjustment index which informs Social Security by how much Social Security payments must be raised by. The new COLA is the lowest it has been since the start of the COVID-19 pandemic. The falling COLA statistic indicates that inflation is falling and that the economy is beginning to recover since the pandemic.
“Social Security benefits and SSI payments will increase in 2025, helping tens of millions of people keep up with expenses even as inflation has started to cool,” Martin O’Malley, commissioner of Social Security, said at the October announcement of the new COLA statistic. This year’s COLA announced in 2023 was set at 8.7%, one of the highest the Social Security Administration has ever seen.
As inflation impacts the cost of living, the COLA adjustment helps ensure that Social Security payments keep pace with rising prices and offers recipients a greater degree of financial security. This increase reflects a broader effort to improve the economic well-being of seniors and individuals with disabilities who are often most affected by economic fluctuations. By making these adjustments, the government is demonstrating its commitment to supporting Social Security recipients and reinforcing the importance of the program as a critical safety net in times of economic uncertainty, signaling a step toward financial stability and recovery for many.
