December 6, 2024
For millions of Americans, Social Security payments are a critical part of their monthly income. As we head into 2025, there are big changes on the horizon, from new Supplemental Security Income (SSI) payment schedules to the eagerly awaited Cost of Living Adjustment (COLA) increase. If you’re wondering when your next check will arrive, how to check your updated benefits, or what new policies are in store, you’ve come to the right place. Let’s break it all down.
December SSI Payments
If you rely on Supplemental Security Income (SSI), December is an important month. Traditionally, SSI payments are distributed on the first of the month. However, if the first falls on a weekend or holiday, payments are issued on the last business day of the previous month, which in this year’s case is Friday, November 29, 2024.
Key Dates to Remember:
- December 31, 2024: Expect to receive your January 2025 SSI payment early because January 1 is a federal holiday.
- Regular SSI payments will resume their normal schedule in February.
When Will I Get the 2025 COLA Increase in My Social Security Check?
The 2025 COLA (Cost of Living Adjustment) reflects the biggest change to Social Security payments each year. Thanks to inflation adjustments, beneficiaries can expect a boost in their monthly payments.
Here’s how it works:
- The COLA increase for 2025 will be applied to January’s Social Security checks.
- Those who receive SSI payments will see the increase on December 31, 2024.
- Retirees and other Social Security beneficiaries will notice the adjustment in their January 2025 payment, arriving on their usual payment date based on their birth date.
Pro Tip: Be sure to check the Social Security Administration (SSA) website or your account on mySocialSecurity to confirm exact amounts.
How Can I Check What My New COLA Will Be?
Want to see how much your check is going up? The SSA makes it easy to find out your new payment amount.
Here’s what to do:
- Log in to your mySocialSecurity account: Visit SSA.gov and sign in or create an account.
- Look for your annual benefit letter: The SSA mails out COLA notices every December, but you can access it online sooner.
- Use the SSA’s COLA calculator: Input your current benefit amount and let the calculator estimate your new payment.
Another Change to Social Security in 2025
Aside from the COLA increase, 2025 brings another important update:
Medicare premiums are expected to rise. This change could offset some of the COLA boost, especially for those enrolled in Medicare Part B. While premiums are deducted directly from Social Security payments, the SSA ensures beneficiaries are not left with less than their current monthly amount.
Example:
Mary, a retired teacher, saw her Social Security payment increase by $100 due to COLA in 2024, but her Medicare premium also rose by $50. In 2025, she expects a similar adjustment and is planning her budget accordingly.
Tip: Monitor announcements from the Centers for Medicare & Medicaid Services (CMS) to stay ahead of premium changes.
Real-World Case Study
Meet John and Susan, retirees navigating Social Security changes:
- John, 68, relies on Social Security retirement benefits, while Susan, 65, receives SSI.
- In 2024, they used the SSA’s COLA calculator to anticipate their payment increases, allowing them to adjust their grocery and utility budgets.
- With Medicare premiums rising in 2025, they reviewed supplemental insurance options and switched to a plan with lower out-of-pocket costs.
Their proactive approach saved them money and reduced financial stress.
Additional Resources
- Visit SSA.gov: Access your personalized Social Security details.
- COLA Fact Sheet: Read about COLA updates directly from the SSA.
- Medicare Planning: Explore tools at Medicare.gov for smarter budgeting.
Call-to-Action
Understanding the changes in Social Security payments can make all the difference in managing your finances. Subscribe to the PersonalOne newsletter for more tips on maximizing your benefits. Have questions? Drop a comment below or share this article with someone who could benefit.
By staying informed and planning ahead, you’ll be better equipped to make the most of your Social Security benefits in 2025 and beyond.
