Payment Schedule for December 18 2024: December 18, 2024 is a special date for many recipients of Social Security Disability Insurance (SSDI) payments. This article will explain who will be getting their payments on this date, the payment schedule for December and how the cost-of-living adjustment (COLA) for 2025 will impact them.
Understanding SSDI Payments
Social Security disability insurance (SSDI) is the federal program that pays money to workers who can no longer work because of a disability. Payments are based on a person’s work history and Social Security taxes paid. SSDI payments are made in a staggered schedule each month depending on when the beneficiary was born.
Payment Schedule for December 18 2024
SSDI payments are sent on a specific schedule, which is as follows each December 2024:
- December 3: For people who started getting benefits before May 1997 or people who get both SSI and Social Security.
- December 11: Beneficiaries born from the 1st to 10th of any month.
- December 18: Beneficiaries whose dates of birth fall between the 11th and the 20th of any month.
- December 24: Beneficiaries born the 21st through the 31st of any month (this date is modified due to Christmas falling on December 25).
So people born from the 11th to the 20th will get their SSDI payments on Wednesday, December 18, 2024.
Who Will Receive Payments on December 18?
SSDI recipients born from the 11th day of the month to the 20th will recieve their payments on December 18. This pool of people usually consists of just about anyone who has become eligible for SSDI benefits as a result of one or more disabilities which makes it impossible to keep gainful employment.
Example Recipients
John Doe, born 12/15, receiving SSDI since he first became disabled in early 2020. And Jane Smith, a December 19 baby, who, after a chronic illness diagnosis in late 2019, has been a recipient since. This date is when both John and Jane will have their deposits drop in their account.
Cost-of-Living Adjustment (COLA) for 2025
A big factor impacting SSDI recipients in December is the cost-of-living-adjustment (COLA) boost taking effect in January 2025. This year, the COLA is 2.5%, designed to help beneficiaries keep up with inflation and higher living expenses.
Impact on Monthly SSDI Payments
Here’s what the COLA increase means for recipients and their monthly benefits, which will be slightly higher starting January:
- For instance, if someone receives $1,500 a month from SSDI now, their new monthly payment will be close to $1,537.50 starting in January.
- And the maximum benefit for SSI recipients will also increase from $914 to $936 after this adjustment.
The 2.5% increase in the cost of living adjustment (COLA) will be applied directly to the monthly benefit amounts for SSDI beneficiaries. So if, for example, a beneficiary now receives $1,600 a month, their payment would go up to about $1,640 in January 2025. This change is devastating for those who depend on these fixed incomes for their daily living expenses.
Financial Relief Amid Rising Costs
The COLA adjustment is especially important during periods of elevated inflation. Many recipients struggle to meet basic costs such as medical care and housing. These adjustments have been especially important in the past couple of years when prices of staple goods have skyrocketed, thanks to a recent economic environment. Those costs have increased, and the COLA acts as a financial buffer in response to them.
Payment Notification
Anyone who will be affected should be notified, as of sometime next month, about their new benefit amounts. Beneficiaries will need to review these notifications to see how much they will get going forward.
Tips for Recipients
To ensure benefits are received timely and finances are managed throughout this festive season. Beneficiaries are advised to:
- Establish Direct Deposits: Payments will be time adjusted into the bank accounts.
- Monitor Bank Accounts Regularly: Bank payments usually post by early in the morning on scheduled dates; monitoring accounts regularly can help recipients prepare.
- Contact SSA for Issues: If beneficiaries notice delays or issues with receiving payments, they should contact the Social Security Administration (SSA) immediately by calling 1-800-772-1213 or visiting a local office.
Conclusion
Payment dates remain as scheduled for recipients of SSDI born between the 11th and 20th as we near December 18. This month’s payment, which is also on the verge of a COLA increase coming in January, is an important financial lifeline around the holidays.
This article provides clarity on these payment schedules and adjustments so that beneficiaries can better manage their finances during a time that can be financially difficult. If they stay informed and proactive about their benefits, SSDI beneficiaries can better navigate these changes.
