The final Social Security payment for 2024 is scheduled for December 24. This payment is specifically for retirees who meet certain criteria and have already been receiving Social Security benefits. Here’s what you need to know about eligibility, payment amounts, and schedules to ensure you receive this important financial benefit.
Eligibility for the Last Payment
To qualify for this payment, two conditions must be met:
- Retirement Date: You must have started receiving Social Security benefits after May 1997.
- Birth Date: Your birthday must fall between the 21st and 31st of the month.
If you meet these criteria, the payment will be deposited into your bank account or issued via Direct Express. Those not set up for direct deposit might experience slight delays, as mailed payments can take up to three additional days due to holiday schedules.
Payment Amounts
The maximum possible benefit for retirees in 2024 is $4,873. However, the amount you receive depends on factors like your lifetime earnings and the age at which you started collecting Social Security. Most retirees do not qualify for the maximum, as it requires a consistent record of maximum taxable earnings over 35 years.
Why December 24?
Although the official payment date falls on December 25, the Social Security Administration (SSA) moves payments to the preceding business day if the date coincides with a federal holiday. Hence, the December 24 disbursement ensures timely payments before Christmas.
Additional Notes on Direct Deposit
Direct Deposit is crucial for prompt payment. If you’re not enrolled in this service, your check might arrive later. The SSA recommends setting up direct deposit to avoid delays during holidays.
Looking Ahead: Changes in 2025
Beneficiaries can expect their first 2025 Social Security payment on January 3 if they rely on mailed checks. However, those receiving Supplemental Security Income (SSI) will get their first payment for 2025 on December 31, 2024, due to the calendar schedule. Payments in 2025 will reflect the Cost of Living Adjustment (COLA), estimated to increase benefits by around 3.2%, helping beneficiaries cope with inflation.
Plan Ahead for Your Payment
If you meet the eligibility criteria, prepare to see the payment on December 24. Double-check your direct deposit information with the SSA to ensure accuracy. For those still awaiting setup or unsure of their eligibility, contact the SSA or visit their official website for assistance.
By staying informed about the payment schedule and requirements, you can ensure a smooth end to your 2024 Social Security benefits and plan effectively for the new year.
