The twelve bells have just rung, marking the start of a new year, and you can start it off with a bit of financial peace of mind knowing that your Social Security payments are about to arrive. These payments are much more than just money in the bank, they are something essential that makes it possible for millions of households to see their essential needs covered. This January 8th could be your turn to receive your check, keep reading here as we are going to explain how the SSA calendar works and how it will be organized starting this year.
How does the Social Security calendar work?
As you may already know, Social Security calendars depend on your date of birth and the type of benefit you receive. There is an annual calendar that you can access to verify all the data, but here we are going to leave you the most important dates for the month of January. You will also know that they are done in a staggered manner, ensuring that the funds are distributed efficiently (and that there are no delays in payments), thus ensuring that each person receives the amount that corresponds to them without any extra problems.
How much will you receive in 2025?
The amount of your payment depends on factors such as your contribution history and the age at which you began receiving SSA benefits. This year, the 2.5% increase for the cost-of-living adjustment (COLA) ensures that your income maintains its value in the face of inflation.
- Individual retirees: $1,976.
- Retired couples: $3,089.
- Widowed people with two children: $3,761.
- People with disabilities and their family: $2,826.
- In addition, the maximum amount for retirees age 70 or older is $5,108.
Key dates:
- On January 8, you will receive your Social Security payment if you were born between the 1st and the 10th of the month.
- If your birthday is between the 11th and the 20th, the January payment will arrive on January 15th.
- For those born between the 21st and the 31st, the check will be deposited on Wednesday, January 22nd.
Please note that if you started receiving benefits before May 1997, your payment does not follow this schedule and should have arrived on January 3. SSI recipients, on the other hand, received their payments on December 31, 2024 due to the January 1 change.
What is COLA?
The Cost of Living Adjustment, or COLA, is basically Social Security’s way of helping you keep up with inflation. Every year, they look at how much prices have gone up by comparing the third quarter of last year to the same time this year. If your dollars don’t stretch as far, they add a little extra to your payments to make sure you can still cover your expenses without feeling squeezed by rising costs.
So, if you’re getting Social Security benefits, you’ll notice a slight bump in your monthly check. This year, it’s a 2.5% increase, not a huge number, but it’s a step toward getting things back to normal. The good news? Once we’re on solid ground again and inflation isn’t an issue, they won’t take that extra money away. Your payment will just go back to the base amount, like it was before all this inflation drama.
Am I eligible for the 8th payment then?
Only if you are in that group of people who receive SSA and were born between the 1st and 10th of any month. Keep an eye on your bank account on January 8th because your payment is coming!
Now that it’s January, you can start getting organized financially and start the year off on the right foot!