The Social Security Administration (SSA) has announced that on Wednesday, December 18, 2024, beneficiaries of the Retirement, Survivors, and Disability Insurance (RSDI) program, born between the 11th and 20th of any month, will receive their December payments.
This schedule applies to those who applied for benefits after May 1997. Following this distribution, only one payment remains for those born between the 21st and 31st, scheduled later in the month.
Understanding Social Security Payment Amounts
Monthly Social Security benefits for retirees range from approximately $1,900 to a maximum of $4,873. The exact amount depends on factors such as the age at which benefits are claimed and the individual’s earnings history.
- Early Retirement (Age 62): Claiming benefits at the earliest eligibility age of 62 can result in reduced payments. The maximum benefit at this age is $2,710 per month, though many receive around $1,900, depending on their earnings record.
- Full Retirement Age (FRA): For individuals born in 1960 or later, the FRA is 67. Claiming at this age allows for a higher benefit, with a maximum of $3,822 per month.
- Delayed Retirement (Age 70): Delaying benefits until age 70 increases the monthly payment due to delayed retirement credits. The maximum benefit at this age is $4,873 per month. Achieving this amount requires a consistent history of high earnings, meeting or exceeding the maximum taxable earnings limit for at least 35 years.
Supplemental Security Income (SSI) and Additional Payments
SSI beneficiaries will receive an extra payment on December 31, 2024, due to the January 1 holiday. This advance ensures that recipients are not financially disadvantaged by the holiday schedule. Notably, this payment will include the 2025 Cost of Living Adjustment (COLA) increase of 2.5%.
New SSI Payment Amounts with 2.5% COLA Increase
| Category | 2024 Payment | 2025 Payment with 2.5% COLA |
|---|---|---|
| Individual | $943 | $967 |
| Couple | $1,415 | $1,451 |
| Essential Person | $472 | $484 |
2025 Social Security Payment Schedule
The SSA has outlined the following payment dates for RSDI beneficiaries in January 2025:
- January 3: For those who claimed benefits before May 1997, regardless of birth date.
- January 8: Beneficiaries with birth dates between the 1st and 10th who claimed after May 1997.
- January 15: Beneficiaries with birth dates between the 11th and 20th who claimed after May 1997.
- January 22: Beneficiaries with birth dates between the 21st and 31st who claimed after May 1997.
Maximizing Your Social Security Benefits
Achieving the maximum benefit of $4,873 requires strategic planning:
- Extended Work History: Ensure at least 35 years of earnings, as the SSA calculates benefits based on the highest 35 years of indexed earnings.
- High Earnings: Consistently earn at or above the maximum taxable earnings limit, which is $168,600 for 2024.
- Delayed Claiming: Postpone claiming benefits until age 70 to accrue delayed retirement credits, which increase monthly benefits.
Consulting with a financial advisor or Social Security expert can provide personalized strategies to optimize your benefits.
Who is eligible for the December 18, 2024, payment?
Beneficiaries of the RSDI program born between the 11th and 20th who applied for benefits after May 1997.
How can I receive the maximum Social Security benefit?
By working at least 35 years with high earnings and delaying benefits until age 70.
When will the 2025 COLA increase be reflected in payments?
SSI recipients will see the increase on December 31, 2024; other beneficiaries will see it in their January 2025 payments.
