A new Social Security payment with the 2025 COLA increase will be issued in January 2025. The possible paydays for United States retirees will be January 3, 8, 15, and 22. To receive any of these payments you must have filed and gotten SSA’s Approval.
Not all retirees qualify for the same payday. For example, if you started receiving Social Security retirement payments before May 1997, your next payday will be January 3. January 3 will also be your payday if you receive both program, retirement, and Supplemental Security Income. However, a check or direct deposit worth up to $5,108 will only be for those who meet some strict conditions.
Who will receive that amount from Social Security in January 2025?
For your information, there are 4 key conditions to get the largest benefit payments from Social Security both in 2024 and in 2025. The first thing is that you must earn delayed credits.
Delayed credits can be obtain when you file after Full Retirement Age. If your FRA is 67, you can delay it until you turn 70. At this moment, you must start getting retirement benefits because they will no longer grow.
In fact, you will benefit from a 24% extra if you file at the age of 70. Besides, you must have worked in jobs covered by SSA for 35 years. Finally, you must have earned the contribution and benefit base all those years. Challenging, isn’t it?
Social Security payments after January 3
If you got benefits after April 30, 1997, and you are not on SSI, you could get your payments on one of these 3 Wednesday paydays:
- if born from 1-10: Jan. 8
- if born from 11-20: Jan.15
- If born from 21-31: Jan. 22
As you can see, Social Security has scheduled the monthly payments after the 3rd on the second, third and fourth Wednesday in January 2025. If you have not filed for retirement benefits yet, you can delay applying if you need extra money. Remember that filing at 62 means getting 30% less per month.
