This month brings excellent news to all retired workers in the United States, as they will shortly get their first higher retirement payments. The Social Security Administration (SSA) is a federal agency that provides monthly benefits to Americans who are eligible for the retirement, survivor, and disability insurance (RSDI) and Supplemental Security Income (SSI) programs. These programs are critical in providing financial help to retirees, survivors, and individuals with disabilities.
Social Security has confirmed the new retirement benefit that will benefit more than 64 million beneficiaries
The SSA has announced that all eligible recipients will begin receiving greater retirement benefits in January 2025, which marks the formal end of 2024. This increase is factored into the annual Cost of Living Adjustment (COLA), which is set at 2.5% this year. The purpose of the COLA is to help recipients manage price increases caused by inflation while also conserving their purchasing power.
Depending on their qualifying and payment information, beneficiaries will receive monthly Social Security payments ranging from $715 to $4,995 as a result of the 2.5% increase. The goal of this modification is to help beneficiaries continue to pay for their basic needs while adjusting to the rising cost of living. This COLA increase is critical for many Americans who rely on Social Security benefits to ensure their financial stability in the following year. Making modifications to the SSA is critical for ensuring that beneficiaries can adjust to the changing economic scenario.
Retirement benefits to increase 2.5% in the coming days
Social Security users will start getting greater retirement payments in less than 24 hours. This applies to Americans with disabilities, survivors, and retirees who started receiving benefits before May 1997. Depending on eligibility, the Social Security Administration will send checks to additional OASDI recipients on the second, third, and fourth Wednesdays of each month after the initial payment.
The payment schedule ensures that each group receives payment on the specified Wednesday, allowing beneficiaries to receive their enhanced checks on time. Beneficiaries who want to know the exact date of their payment should check the official Social Security payment schedule.
The confirmed payment dates for retirees who claimed benefits before May 1997, as well as the staggered plan for those who requested retirement benefits after this date, are listed below.
- On the third day of the month (January 3rd), for retired workers who claimed their first benefit before May 1997
- On the 2nd Wednesday (January 8th), for retired workers whose birthdates fall between the 1st and the 10th
- On the 3rd Wednesday (January 8th), for retired workers whose birthdates fall between the 11th and the 20th
- On the 4th Wednesday (January 8th), for retired workers whose birthdates fall between the 21st and the 31st
The new 2.5% rise in the cost of living adjustment will provide retirees with additional funds to keep up with inflation and cover their necessary costs throughout retirement. According to the Social Security Administration, retirees will receive an average of $1,948 in monthly payments.
Furthermore, retirees who claim retirement benefits before the full retirement age (FRA) or at the age of 62 would earn up to $2,778 each month, while those who wait until the age of 67 will be eligible for up to $3,918. Finally, pensioners who choose to delay benefits until they reach the age of 70 will receive larger payments, with monthly checks potentially exceeding $4,995.
How much money will survivors, disabled individuals, and SSI recipients receive in the coming days?
Social Security provides payments to survivors, disabled individuals, and SSI recipients in addition to retirement benefits.
| Survivor benefits | SSDI benefits | SSI benefits |
| On average: $1,543
Individual: $1,817 2 Children: $3,744 |
On average: $1,575
Blind recipients: $2,655 Maximum payment: $3,918 |
On average: $715
Individuals: $967 Couples: $1,450 Essential person: $484 |