Retirees born between the 11th and 20th of the month can expect their next Social Security payment or direct deposit by December 18, 2024. For many, this means their payment could arrive in less than 24 hours. If you started receiving retirement benefits after April 30, 1997, you qualify for this payment, but if you began before May 1997, you do not. Note that SSI recipients are also not eligible for this payment.
However, this won’t be the final Social Security payment of 2024. Another payment will be issued later in the month. For those receiving SSI benefits, your next payday will be on December 31, 2024, allowing you to benefit from the 2025 COLA increase a little early, as this will be your January payment.
Social Security Payments After December 18 If your Social Security payment is scheduled for December 24, it will apply to those whose birthdays fall between the 21st and 31st of any month. As usual, Social Security payments are made on the third, second, third, and fourth Wednesdays of the month, but in December, the fourth Wednesday payment will be delivered on Tuesday, December 24.
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Remember, December 25 is Christmas Day, a Federal Holiday, and the SSA will not issue payments on that day. Banks and SSA offices will be closed, so payments will be delayed until the following business day. For January 2025, payments will be distributed on January 3, 8, 15, and 22.
Social Security Maximum and Average Payments for December The largest Social Security payment available in December could be as much as $4,873. To receive this amount, a worker must have:
- Applied for Social Security at age 70
- Paid enough payroll taxes and worked in jobs covered by SSA
- Earned the taxable maximum for the required number of years
- Worked for 35 years without violating SSA rules
The average payment for retirees in December is around $1,927. However, if you only worked for 10 years and earned 40 work credits by age 62, your payment could be much lower. While filing early can be beneficial, it will result in about a 30% reduction in your monthly benefit.
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