WPBN: The month of December is an important one for people who are dependent on Social Security in the United States, particularly those who get disability benefits.
This is because, in the majority of situations, these individuals do not have any other source of income. If, on the other hand, you are anticipating that the subsequent payment will incorporate the cost-of-living adjustment (COLA) for the year 2025, it is absolutely necessary to make it clear that this will not be the case.
In light of the fact that the check that is issued on December 24 will be the final one for the 2024 payment cycle, it will not yet reflect the 2.5% rise that will go into effect this coming January.
The explanation for this is straightforward: the cost-of-living adjustment (COLA) is only applicable to payments made in the following year, and even if the check drawn in December falls on a holiday, it is still included in the current payment schedule.
As a result, beneficiaries of disability benefits will receive their regular deposit, with the amount remaining unchanged.
All the Information You Need to Know Regarding the Transaction on December 24
The final Social Security payment for the year 2024 is planned to be issued on Monday, December 24. The beneficiaries who fall into group 4, which includes those who started receiving their benefits after May 1997 and whose birthday falls between the 21st and 31st of the month, are the ones who are eligible to receive this payment.
Because the holiday season is drawing near, the payment will be moved up in order to guarantee that it will be delivered on time to all of the individual recipients.
In spite of the fact that the cost-of-living adjustment for 2025 will not yet be included in this check, the amount will reflect all of the calculations for 2024, which are based on the work history and earnings of each beneficiary.
It is essential to keep in mind that these early payment dates are the Social Security Administration’s typical practice in situations where holidays conflict with the regular calendar.
Social Security Cuts Could Happen Faster with New Bill – Here’s What this Bill Means?
When will the consumer price index for 2025 start to be reflected?
The increase in the cost of living will start with the payments that are due in January of 2025. Depending on the group to which you belong, this indicates that the first check that includes the 2.5% adjustment will be deposited either during that month or during the following month.
Up until that point, recipients of Social Security Disability and other programs would receive payments in December that correspond to the amounts that are scheduled to be paid in 2024.
The cost-of-living adjustment for 2025 will not be included in the check that is sent on December 24; nonetheless, this will guarantee that recipients will have access to their resources before the holidays.
Ohio Lawmakers Approve Bill Requiring Fees for Police and Jail Videos – Up to $750
Beginning in January, the new adjustment will bring about an increase that will be of benefit to millions of people in the United States. This will herald in a new year that will bring about additional benefits.
However, it will only be the case when it comes to compensation for retirement. As a result of a calendar irregularity, the first of the January 2025 payments will be paid on the 31st of December.
However, if we take into consideration SSI payments, we will be able to get this rise in 2024. These payments will be sent on the 31st of December.
