Say Goodbye to Social Security in 2024: Is Your Birth Date on the List?

As 2024 nears its end, Social Security beneficiaries in the United States are preparing for their final payments of the year. These payments mark the end of 2024 and offer a sneak peek at the adjustments coming with the 2025 Cost of Living Adjustment (COLA). Here’s everything you need to know about the last Social Security checks for 2024, what changes to expect in 2025, and how to plan for these updates.

What is COLA?

The Cost of Living Adjustment (COLA) is a crucial annual change introduced by the Social Security Administration (SSA). Its goal is to ensure that beneficiaries’ payments keep up with inflation. This adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), reflecting economic conditions over specific periods. Essentially, COLA helps maintain the purchasing power of Social Security payments despite rising living costs.

How Will COLA Change in 2025?

Starting December 31, 2024, the COLA for 2025 will reflect a 2.5% increase. While this is smaller than the 3.2% adjustment in 2024 and the historic 8.7% in 2023, it signifies progress toward economic stability.

Here’s how this increase will affect beneficiaries:

• Supplemental Security Income (SSI) recipients: Payments will increase from $943 to $967.
• Retirees aged 70 and older: Monthly benefits will rise to a maximum of $5,108.
• Retirees aged 67: Monthly benefits will reach a maximum of $4,018.

These adjustments aim to help beneficiaries manage inflation while moving toward pre-pandemic economic conditions.

Key Dates for December 2024 Social Security Payments

Your Social Security payment schedule depends on your birthdate. Here’s the calendar for the last payments of the year:

• Birthdays between the 1st and 10th: Payment arrives on Wednesday, December 4.
• Birthdays between the 11th and 20th: Payment arrives on Wednesday, December 18.
• Birthdays between the 21st and 31st: Payment arrives on Wednesday, December 24 (early, as Christmas is a national holiday).

The maximum retirement benefit in 2024 is $4,873, so keep an eye on your account for these final payments!

What to Do If You Don’t Receive Your Payment

If your payment doesn’t arrive as expected, act quickly:

1. Check the SSA website: Verify the official payment schedule.
2. Call the SSA helpline: Dial 1-800-772-1213 to report any issues.
3. Verify your bank details: Ensure there are no errors in your account information.
4. Contact your bank: Sometimes, payment processing delays can occur.

Document all communications for reference if further action is needed.

A Brief History of COLA Percentages

The COLA percentage fluctuates yearly based on inflation. For example:

• 2023: The COLA was 8.7%, the highest in recent history, reflecting a post-pandemic inflation surge.
• 2024: A more moderate 3.2% adjustment, signaling economic recovery.
• 2025: At 2.5%, the adjustment aligns with historical inflation trends, indicating a return to economic normalcy.

In some years, such as 2010 and 2011, the COLA was 0%, underscoring the varied economic conditions over time.

Planning for 2025

2.5% COLA increase set for 2025, it’s essential to plan your expenses effectively. Consider how this adjustment fits into your budget and use it to maximize your income in the coming year. While the increase may seem small, it’s designed to help maintain your financial stability as inflation moderates.

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