According to Vibes.okdiario , Cyber Monday marks the end of a busy shopping season for many, and for Social Security recipients, it also signals the last day to make significant purchases before the next monthly payment is due. For those who spent big on Black Friday or Thanksgiving meals, the next Social Security payment will likely be a welcome relief.
The first Social Security payment after Cyber Monday will be issued on Tuesday, December 3, 2024. However, this payment will only apply to specific groups of recipients in the United States.
Who Will Receive Social Security Payments on December 3, 2024?
If you are receiving both Supplemental Security Income (SSI) and Social Security benefits, and you started receiving monthly retirement benefits before May 1997, then you will receive your Social Security payment on December 3. This will also apply if you have not broken any rules set by the Social Security Administration (SSA).
Additionally, those who receive SSDI (Social Security Disability Insurance) payments due to a medical condition and meet the same criteria may also expect their payment on December 3.
Social Security Payment Amounts After Cyber Monday
Social Security payment amounts for December will remain the same, with one notable exception. The SSI payment on December 31, 2024 will include the 2025 COLA (Cost of Living Adjustment) increase. This is the first payment to reflect the 2025 COLA boost, as it is scheduled in advance to avoid issuing payments on New Year’s Day, which is a Federal Holiday.
On average, retirees will receive $1,927 in Social Security benefits in December, according to the SSA’s COLA Fact Sheet.
Also Read – Social Security Annual $600 increase through COLA
Largest Social Security Payments
For those with a long work history and higher earnings, the largest payment on December 3 could be substantial. If you filed for Social Security benefits at age 70 and earned the taxable maximum for 35 years in jobs covered by the SSA, you could receive up to $4,873.
However, if you filed at age 62, the maximum payment could be up to $2,710. For those who file at Full Retirement Age, the maximum payment could reach $3,822.
Conclusion
Social Security recipients will receive their payments after Cyber Monday, with some seeing the effects of the new COLA increase by the end of December. If you’re due a payment on December 3, 2024, it’s important to understand the requirements and the payment amount based on your filing status and work history.
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