Millions of Americans to Receive Social Security Payments on December 25. Get ready for a substantial influx of Social Security payments, as countless beneficiaries are set to receive their monthly benefits on December 25.
Social Security Administration’s Final Check for Retirees
The Social Security Administration (SSA) is poised to issue its last round of checks for retired seniors. These payments are scheduled for December 25, providing eligible retirees with their much-anticipated monthly stipends.
Read Also: Social Security Benefits for Eligible 67-Year-Old Retirees
The Potential of Sizeable Social Security Payments
In 2023, retirees may be entitled to substantial payouts, with a maximum possible payment reaching $4,555. Although the SSA can disburse such significant sums, it is rare for seniors to receive this much money each month.
Factors Affecting Payment Amounts
The primary factor contributing to a retiree not receiving the full $4,555 is the challenge of achieving exceptionally high earnings over many years. Meeting the requirement of working for a minimum of 35 years or opting for a delayed retirement can make this attainable.
Eligibility Criteria for the December 25 Social Security Retirement Payment
Eligibility for the December 25 Social Security retirement payment hinges on two critical factors: the date of filing and commencement of benefit collection, as well as one’s date of birth.
- If your birthday falls between the 1st and the 20th of the month, you will not receive a Social Security payment on December 25 since you should have already received it.
- For example, if your birthday is from the 1st to the 10th, you received your payment on October 11, 2023. Subsequently, your next payment will not arrive until November 8. Those born between the 11th and the 20th will collect on November 15 and had previously received a payment on October 18.
Hence, the sole opportunity to claim the December 25 payment is for individuals born between the 21st and the 31st of the month. If this is the case, Social Security will send you a check of up to $4,555 on December 25.
Average Payment Amounts and the Social Security COLA Increase
While the maximum payment amounts are significantly higher, the average monthly Social Security payment as of September 2023 stood at approximately $1,841. This amount is not even half of the $4,555 maximum payment for 2023.
It is important to note that the highest payment for 2023 will see an increase in 2024 due to the Cost of Living Adjustment (COLA). This adjustment will provide higher benefits to all Social Security recipients. For example, the largest check for individuals at age 67 in 2024 is projected to be $3,822, a 3.2% increase.
However, this COLA increase is not applied to the October payment, as it is intended for 2024. Consequently, seniors on Social Security will need to wait until January to receive their new, boosted payments. Unless you are on Supplemental Security Income (SSI), you will need to wait until January for the new 3.2% increase.
It’s worth noting that the first SSI payment was scheduled for January 1, 2024. Due to the holiday season, Social Security will distribute these payments on December 29, marking the initial receipt of the new COLA-adjusted amounts.
