The December Social Security payments for the third time were just made public earlier this week. It is the purpose of Social Security to provide financial support to people in retirement, when they are disabled, when a worker dies, and to some family members.
Now that December is here, the payments come at just the right time to get ready for any last-minute holiday preparations that need to be done before Christmas.
Social Security continues to support millions of Americans
Millions of Americans still depend on Social Security for their basic financial needs. It is an important safety net for retirees, disabled people, workers’ families, and people who have lost a loved one.
Social Security is one of the most popular social programs in the country. It helps keep the economy stable by replacing some of a worker’s income when they retire or get sick and can not work.
About 70 million Americans received Social Security benefits in 2023, making it an important source of income, especially for adults who are retired. It is the main way that many people make money and keeps a lot of people from having any money.
Even though there have been recent discussions about problems with funding it in the long term, Social Security is still an important part of the U.S. social safety net because it helps people who are in need by giving them financial security.
Making payments on time during the Christmas season can help ease the extra stress that comes with money issues.
People who are vulnerable can enjoy the holidays without worrying too much about their basic financial needs because these payments are stable and reliable.
In this way, Social Security payments are not only a way to stay alive, they are also necessary to keep your dignity and health during a normally expensive time of year.
Timely December payments help keep beneficiaries afloat
People whose birthdays fall between January 1st and October 10th got their Social Security checks last week, on December 11th. Supplemental Security Income (SSI) payments were made at the end of November, and retirement benefits for people who started getting them in May 1997 were sent out on December 3.
This was the third payment for the month. Later this month, more payments will be made. People whose birthdays fall later in the month will get theirs on December 18 and December 24.
There will be a small change to the schedule for SSI payments in January. Usually sent on the first of the month, the payment will be sent one day early, on December 31, because New Year’s Day is a federal holiday. People who are supposed to get this payment are reminded that it is not an extra payment, but rather an early January payment.
In 2024, people who retire at age 70 can get the most money each month, up to $4,873. The most you could get, though, is $2,710 if you decide to retire at the earliest age possible, which is 62.
As of January 2024, the average monthly benefit for people who were retired was $1,907. If you wait longer to claim your payments, the amount you get when you do finally claim it will be more.
Longevity of Social Security a major theme for 2025
As policymakers and experts continue to think about how to make Social Security last for a long time, this is likely to be one of the main topics of 2025.
As the population ages and more people retire, Social Security is under more financial stress because more people are collecting benefits while fewer people are paying into the system. Without major changes, projections show that the Social Security Trust Fund could run out of money as early as 2030.
In 2025, people will probably talk a lot about how to make sure the program stays solvent, such as by changing tax rates, benefit structures, or retirement ages.
The future of Social Security is important for everyone in the U.S., not just retirees. This is why it will be a big issue for Trump’s administration when he takes office next year.
