Last Chance Alert: Final Social Security Payment for These Birthdates!

The countdown to the end of 2024 is on, and before we bid farewell to this year, the Social Security beneficiaries in the United States are in for one last exciting twist! Get ready for a special surprise as you prepare to receive your final check of the year, just in time for the new COLA percentage that will roll out in 2025.

What’s the Buzz About COLA?

COLA, or Cost-of-Living Adjustment, is your lifeline against the rising tide of inflation. It’s a thoughtful increase from the SSA designed to ensure that you don’t feel the bite of rising costs in your daily life. With every payment, a little extra is added to help you keep your head above water.

What’s New with the 2025 COLA?

As we ring in the new year, brace yourself for a 2.5% boost in your payments, effective December 31, 2024. This increase is rooted in the consumer price index (CPI-W), reflecting economic shifts from one quarter to the next. While it’s less than the 3.2% in 2024 and the staggering 8.7% from 2023, rest assured that this bump will help you maintain your purchasing power amidst the economic winds.

For instance, if you’re on Supplemental Security Income (SSI), your first adjusted payment will jump to $967 on December 31, up from the usual $943. And mark your calendar—starting January 8, 2025, retirees over 70 can receive up to a whopping $5,108 a month, while those retiring at 67 will see a max of $4,018!

Key Dates for December Payments

Mark these crucial dates on your calendar, organized by your birth date:

• If your birthday falls between the 1st and 10th, your payment hits your account on Wednesday, December 4th—your new payment day every first Wednesday of the month!
• If you celebrate between the 11th and 20th, anticipate your payment on December 18th, arriving every second Wednesday.
• For those born between the 21st and 31st, your payment is scheduled for December 24th—an early Christmas gift, since the 25th is a holiday!

Don’t forget, the maximum retirement benefit for those who retire at 70 is a staggering $4,873! So keep your eyes on your bank account—your payment is just around the corner!

What to Do If Your Payment Doesn’t Arrive?

If your payment is MIA, don’t panic! Here’s what you need to do:

• Check the official payment schedule on the SSA website to verify your expected date.
• If it’s still not there, call 1-800-772-1213 and report the issue—they’re ready to assist you!
• Keep track of all communications and double-check your bank details to rule out any errors.
• If you need further help, reach out to your bank to resolve any processing hiccups.

Is COLA Always the Same?

Not at all! The COLA varies with the inflation landscape in our country. Back in 2023, during a period of rampant price hikes, COLA soared to an impressive 8.7%, the highest in recent memory. This inflation surge was largely a ripple effect of the COVID-19 pandemic and its aftermath.

In 2024, the adjustment dropped to 3.2%, signaling a shift towards stabilization, though we’re not quite back to pre-pandemic norms yet.

Looking ahead to 2025, the 2.5% adjustment suggests we’re approaching more typical inflation rates. And remember, a decreasing COLA isn’t a bad sign—it indicates that the economy is on the mend, similar to when the COLA hit 0% in 2010-2011.

So, now that you’re in the know about COLA and its calculations, take the opportunity to plan your expenses for the upcoming year. That extra 2.5% could make a real difference in maximizing your income!