A new Social Security payment is already in your bank account if you are an eligible retiree in the United States, or it is about to arrive. Bear in mind that this is the first payment of the month for those who receive retirement benefits from the Agency. Of course, those on Supplemental Security Income benefits got a payment on November 29, 2024.
Retirees can only receive one of the monthly payments Social Security has scheduled from December 3 through December 24. Although all these checks or direct deposits are usually due on the third and on the second, third, and fourth Wednesday, there is an important change taking place this month.
Eligible retirees to get a Social Security payment on December 3
One of the requirements to get a Social Security payment on December 3 is to have been on retirement benefits since before May 1997. Therefore, you must have been receiving retirement benefits for over 27 years.
Nevertheless, this is not the only way to qualify. Because if you have a low income, and little to no resources you may be receiving both Supplemental Security Income and retirement benefits.
Then, you must have received SSI on November 29 and you must get retirement benefits on December 3, 2024. The thing is not all retirees get the same amount of money from Social Security. This is because each may have a different work history.
Social Security will send this average payments to retirees
The Social Security Administration will issue payments of about $1,927 in December 2024. Although this is the average payment the Administration announced on October 10 on its COLA Fact Sheet, some retirees may be receiving a lower or higher payment.
For example, those who were high earners for 35 years, filed at 70, and worked for 35 years in jobs covered by the SSA may get a payment of up to $4,873. Those who have filed at 62 can receive up to $2,710.
Filing at Full REtirement Age means you can get a payment of up to $3,822. Anyway, these are just the maximums the Social Security Administration has set for 2024. After the 2025 COLA comes into effect, all payments will go up by 2.5% in January 2025.
