WPBN: It has been confirmed by the state of California that those who are fortunate enough to receive Social Security benefits will see an increase in their payouts commencing on December 30, 2024.
As part of the Cost of Living Adjustment (COLA) that will be implemented in the United States for the year 2025, this 2.5% rise has been implemented. In order to guarantee that beneficiaries would keep their purchasing power, the cost-of-living adjustment (COLA) is calculated depending on the rates of inflation.
The Payment Due as of December 30th, 2024
Supplemental Security Income (SSI) will be the first payment to reflect this increase, which will take effect immediately. Due to the fact that New Year’s Day is a holiday, this payment, which was originally planned to take place on January 1, has been rescheduled to December 30.
More than a million people in California and across the country will benefit from this modification, particularly those who rely on these monies to meet their fundamental need.
Social Security Benefits in Their Various Forms
All of the following categories of payments will be subject to the 2.5% increase that will be implemented as part of the Social Security program:
- Individuals who have attained the age of retirement and have made contributions to the system during their working years are eligible to receive certain retirement benefits.
- Individuals who are unable to work due to a long-term disability are eligible for Social Security Disability Insurance (SSDI).
- Beneficiaries of the Supplemental Security Income (SSI) program include persons with low incomes, such as senior citizens and people with disabilities.
- The payments that are paid to family members of dead workers are known as Survivor Benefits.
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Dates for Making Payments in January 2025
There is a correlation between the beneficiary’s birthdate and the distribution of Social Security funds. According to the agenda for the month of January 2025:
- Individuals who were receiving benefits prior to May 1997 or who are also receiving SSI will get payments on January 3.
- Beneficiaries born between the first and tenth of the month are eligible to receive benefits on January 8.
- Beneficiaries who were born between the 11th and 20th of the month are selected on January 15th.
- Beneficiaries born between the 21st and 31st of the month can get their benefits on January 22.
All of these payments will be adjusted to reflect the cost-of-living adjustment.
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Impact both in California and across the country
This modification will have a considerable influence on the state of California, which is home to more than six million people who receive Social Security benefits. The increase, on the other hand, is a nationwide policy that will enable more than seventy million people across the United States to benefit.
This modification is intended to alleviate the financial strain that Americans are experiencing as a result of growing costs of living, therefore strengthening the commitment to provide assistance to the most disadvantaged residents of the nation.
If you would like additional information regarding your payments, you can go to the official website of the Social Security Administration (SSA).
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