The twelve bells have just rung, signaling the start of a new year, and you can begin with a sense of financial security knowing that your Social Security payments are on their way.
These payments are more than just money in the bank; they are something essential that allows millions of households to have their basic needs met.
This January 8th could be your turn to receive your check; continue reading to learn how the SSA calendar works and how it will be organized beginning this year.
How does the Social Security calendar work?
As you may already be aware, Social Security calendars are based on your birth date and the type of benefit you receive.
Access the annual calendar to verify data, but we’ve compiled a list of key dates for January. You’ll also notice that they’re done in a staggered order, ensuring that the funds are distributed efficiently (and that there are no payment delays), and that each person receives the amount that corresponds to them without any additional issues.
How much will you receive in 2025?
Your payment amount is determined by several factors, including your contribution history and the age at which you began receiving SSA benefits.
This year’s 2.5% increase in the cost-of-living adjustment (COLA) ensures that your income remains stable 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 keep in mind that if you began receiving benefits before May 1997, your payment will not follow this schedule and should have arrived by January 3. SSI recipients, on the other hand, received their payments on December 31, 2024, following the January 1 change.
What is COLA?
The Cost of Living Adjustment, or COLA, is essentially Social Security’s attempt to help you keep up with inflation. Every year, they calculate how much prices have risen by comparing the third quarter of last year to the same time this year.
If your money doesn’t go as far, they add a little extra to your payments to ensure you can still cover your expenses without feeling pressed by rising costs.
So, if you receive Social Security benefits, you will see a slight increase in your monthly check. This year’s increase is 2.5%, which isn’t a huge number, but it’s a step toward returning to normal.
What is the good news? They won’t take that extra money away until we’re back on solid ground and inflation is under control. Your payment will simply return to its base amount, as it was before all of this inflation drama.
Am I eligible for the 8th payment then?
Only if you are one of the people who receive SSA and were born between the first and tenth of any month. Keep an eye on your bank account on January 8th, because your payment will arrive!
Now that January has arrived, you can begin to organize your finances and get the year off to a good start!
Also See :Confirmed dates – How Social Security payments will be made in 2025