The Social Security Administration (SSA) has unveiled a significant update for millions of retired and disabled Americans born between the 1st and 10th of the month who began receiving benefits after May 1997. Eligible recipients should monitor their bank accounts closely, as the SSA will disburse payments ranging from $1,900 to $4,873. These benefits already reflect the 3.2% cost-of-living adjustment (COLA) for 2024. Notably, these will be the final payments to include this COLA adjustment, as the newly announced increase will take effect starting January 2025.
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Social Security Payments Scheduled for December 11th
Millions of beneficiaries receive monthly Social Security payments, which vary based on several factors, including:
- Age at the time of claiming benefits.
- Total Social Security credits earned.
- Payroll taxes paid over a 35-year period.
- Type of disability (for SSDI recipients).
For December 11th, eligible retirees can expect the following payment tiers:
| Retirement Age | Monthly Benefit Amount |
|---|---|
| Claimed at 62 (Early Retirement) | $2,710 |
| Claimed at Full Retirement Age (67) | $3,822 |
| Claimed at 70 (Delayed Retirement) | $4,873 |
Retirement Age Adjustments Over Time
The full-benefit retirement age has gradually increased due to Congressional amendments in 1983. Here’s how it impacts benefits:
- Early Retirement: Benefits claimed at age 62 are permanently reduced to 70% of the full amount when the retirement age reaches 67.
- Full Retirement Age: Originally set at 65, it now varies depending on birth year. For those born in 1960 or later, the full retirement age is 67.
- Delayed Retirement: Postponing benefits beyond the full retirement age up to 70 results in an 8% annual increase in monthly payments. This delay boosts benefits to 132% of the original amount by age 70.
Illustration of Delayed Benefits
- For individuals reaching full retirement age in 2017 (66 years and 2 months), delaying benefits until age 70 raised payments by 24%. In that year, the maximum monthly payment at age 70 was $3,538.
Social Security Disability Insurance (SSDI) Payments for December 11th
In addition to retirement benefits, the SSA will issue payments to eligible beneficiaries of the Social Security Disability Insurance (SSDI) program. Payments under SSDI vary based on specific conditions:
| Payment Type | Monthly Amount |
|---|---|
| Average Disability Payment | $1,537 |
| Blind Beneficiaries | $2,590 |
| Maximum SSDI Benefit | $3,822 |
Payment Delays: What to Do
If your scheduled payment doesn’t arrive on time, the SSA advises waiting three mailing days before contacting customer support. For further details on payment schedules, consult the official Social Security payment calendar.
FAQs
What factors determine Social Security payment amounts?
Payments depend on several criteria, including the beneficiary’s age when claiming benefits, accumulated Social Security credits, lifetime earnings, and payroll taxes paid over 35 years.
How does the cost-of-living adjustment (COLA) affect payments?
The 3.2% COLA for 2024 is already included in current benefits. A new COLA adjustment will come into effect in January 2025, potentially increasing payment amounts further.
What happens if I claim retirement benefits early at age 62?
Early retirement reduces monthly payments. For instance, when the full retirement age reaches 67, benefits claimed at 62 will be reduced to 70% of the full amount.
