This December payday will be the last Social Security payment before the 2025 COLA increase

Social Security recipients are looking forward to receiving the 2025 COLA increase but they will have to wait until next January to receive this money

Social Security and the COLA increase in 2025

Social Security and the COLA increase in 2025

Although millions of Americans are eager to receive a COLA increase, they must wait. Social Security has not scheduled any increase for retirees or Disability Insurance beneficiaries in 2024.

In fact, they will not receive a boost until the new year comes. However, there is important news for Supplemental Security Income recipients. This is because they will receive their COLA boost on December 31, 2024. So, they will not have to wait until 2025 to get more money from Social Security.

Comparison of past COLA increases with the projected 2025 increase

Recent Historical COLA Increases:

The COLA is based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year to the third quarter of the current year.

Last Social Security payment in December before the 2025 COLA boost

December 24 will be the last Social Security payment for retirees and SSDI recipients before the 2025 COLA increase comes. To be eligible for this payment on Dec. 24, you will have to meet the birthday requirement.

Being born after the 20th will be essential. However, you must have started receiving Social Security after April 30, 1997 and do not collect Supplemental Security Income.

The previous Social Security payments before December 24 will be on the second and third Wednesday in the month, that is December 11 and December 18. The last retirement or SSDI payment should have been on the 25th, but it is a federal holiday.

First January payments with COLA for Social Security

The Social Security Administration will send the first retirement and SSDI payment with the 2025 COLA on January 3, 2025. This will be your payday if you get SSI and Social Security at the same time.

If you do not qualify for the January 3 payment, you will receive your direct deposit or check on January 8, 15 or 22. Depending on the day when you were born, you will get it earlier or later in the month.

So far, the latest COLA projection seems to be lower than in the previous years. This will be still good news because it may be higher than average COLAs, so it will help retirees and SSDI recipients maintain their buying power.

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