As of November 2024, the Social Security Administration announced that the average retirement benefit payment is about $1,925. Thanks to the 2025 COLA Fact Sheet Americans can learn that the payment for December will be about $1,927 on average. For your information, the checks and direct deposits for retirees are not over in December.
Some retirees will receive their last payment from Social Security on December 24, 2024. However, this average payment is lower than the one in January 2025. This is because the Agency will update and increase all retirement benefits from January 3 onward. Thanks to the 2025 COLA increase, all payments will go up by 2.5%.
Who is eligible for Social Security on December 2024?
This payment will not just be for retirees. If you are on SSDI and you have not collected your Social Security check or direct deposit you may also be eligible. Of course, as long as you meet all the requirements.
For example, the Social Security Administration will ensure that you:
- not receive Supplemental Security Income payments simultaneously
- began collecting retirement or SSDI payments after April 30, 1997
- were born from the 21st to the 31st (it does not matter the month)
As for the amount, it will depend on your background. SSA will take into account your filing age, years of work, amount of taxes paid, and so on.
Will your next payment be $1,927 or $1,976?
If recipients have not received their payment in December yet, they will get about $1,927 on average. Needless to say your payment amount could be either much lower or much higher.
It basically means that your next payment will be in 2024 and it will not include the 2025 COLA increase. If you have collected your Social Security check in December, then, you will get a new check on:
- January 3: on SSI too or got benefits before May 1997
- January 8: born from 1-10
- January 15: born 11-20
- January 22: 21-31
Social Security payments will be almost $50 higher on average claimed SSA. That is why the average payment will move from $1,927 to $1,976 after the COLA boost in 2025.