December 18 is just around the corner, and millions of American retirees will receive an early holiday gift: the upcoming Social Security payment. Amidst the Christmas preparations and the economic challenges that characterize the end of the year, this last monthly payment of the year eases the finances of millions of families.
As we have mentioned, this will be the last payment of the year, amounting to up to $4,783 in the case of receiving the maximum pension. Starting January 1, 2025, Social Security payments will increase by 2.5% thanks to the COLA. This is a modest adjustment compared to recent years, but it is not smaller than in previous years and will help ease families’ finances due to the rise in daily living costs.
Who Will Receive the Social Security Payment on December 18, 2024?
Beneficiaries receiving retirement, disability, survivor benefits, or veterans benefits who reach the qualifying age between the 11th and 20th of any month will be the ones to receive this payment.
For those born from the 1st to the 10th, the payment was made last Wednesday, the 11th. If you have not received the payment, please contact Social Security.
The last Social Security payment of 2024 will be for those who reach the qualifying age between the 21st and 31st of any month and will be on the 24th, since the 25th is Christmas Day and a holiday.
Amounts to Be Received on the 18th
- The maximum amount at age 62 is $2,710.
- At age 65, it is $3,426.
- At age 66, it is $3,652.
Regarding payments claimed at full retirement age (67 years for individuals born from 1960 onward), the maximum benefit is $3,822. Those who delay their retirement until age 70 are eligible for a maximum payment of $4,873.
