The annual cost-of-living adjustment (COLA) will increase Social Security payments by 2.5% in January 2025 for millions of Americans. This increase is intended to assist beneficiaries in maintaining their purchasing power in the face of rising inflation.

If you’re wondering when you’ll get this extra money, it’s important to understand the payment schedule so you can better plan your budget.

The SSI program follows a different schedule. Payments are typically distributed on the first of each month, unless it falls on a weekend or holiday. In such cases, the payment is advanced to the previous business day.

SSI beneficiaries will receive their January 2025 payments on Tuesday, December 31, 2024, because January 1 is a federal holiday.

How are SSI payment dates determined?

The Social Security Administration (SSA) distributes payments according to the beneficiary’s birth date. This means that the Wednesday you’ll receive your money is determined by your birth date:

• Born between the 1st and 10th of the month: Payment on the second Wednesday.
• Born between the 11th and 20th: Payment on the third Wednesday.
• Born between the 21st and 31st: Payment on the fourth Wednesday.

For example, if you were born on January 7, you will be paid on Wednesday, January 8. If your birthday is on January 15, the payment will take effect on Wednesday, January 15.

Payment dates for January 2025

Here is the specific schedule for January 2025:

• Born between the 1st and 10th: Wednesday, January 8.
• Born between the 11th and 20th: Wednesday, January 15.
• Born between the 21st and 31st: Wednesday, January 22.

Other special cases

Some beneficiaries receive their payments on different dates, such as:

• People who started receiving benefits before May 1997.
• Beneficiaries who qualify for both SSI and Social Security.
• Those whose Medicare premiums are paid by their state.
• People living outside the United States.

In these cases, payments are made on the third of the month, unless it falls on a weekend or holiday. In January 2025, these beneficiaries will be paid on Friday, January 3.

What to do if you don’t receive your payment on time?

If your payment does not arrive on the scheduled date, the SSA suggests waiting three business days before taking action. During this time, you can do:

Check with your bank. Sometimes there are delays in bank processing.
Review your information: Log in to the SSA website to ensure that your bank and personal information are current.

If you haven’t received your payment within three business days, contact the SSA’s toll-free hotline or visit a local office for assistance.

Knowing the Social Security and SSI payment schedules is essential for confidently managing your finances. Beneficiaries can expect higher payments in 2025 as a result of the annual cost-of-living adjustment, which will provide relief from rising living expenses.

Keep your information up to date and review the scheduled dates to ensure that you receive your benefits without interruption. Proper planning will enable you to maximize your income during retirement.

Also See : Here’s why your Social Security benefits could be reduced in 2025… despite COLA increase