For millions of retirees who have worked for over 40 years, receiving Social Security benefits is one of the most exciting milestones of their golden years. Depending on when they start claiming their benefits, retirees may receive different amounts. However, on average, beneficiaries will soon see a Social Security check worth $1,914 per month. This update comes as part of the latest Social Security payment schedule for December, with the first checks set to arrive tomorrow, December 11th.
It’s important to note that this first payment is for retirees born between the 1st and the 10th of the month who claimed benefits after May 1997. There are additional payments planned for other beneficiaries: those born between the 11th and 20th will receive their checks on December 11th, and those born between the 21st and 31st can expect theirs on December 24th.
This update pertains to individuals enrolled in the Retirement, Survivors, and Disability Insurance (RSDI) program. Beneficiaries who qualify for Supplemental Security Income (SSI) typically receive their payments on the first day of the month. However, there’s an exception this month—SSI recipients will receive an extra payment on December 31st. This adjustment is due to the New Year’s Day holiday falling on January 1st, which causes the Social Security Administration (SSA) to move the payment date one day earlier. This December 31st payment will already reflect the new 2.5% Cost of Living Adjustment (COLA), which means SSI recipients will be the first to see their increased benefits.
As for retirees, survivors, and disabled Americans, their new COLA-increased payments will begin on January 3rd. Here’s what beneficiaries can expect to receive in 2025 with the 2.5% COLA boost:
- Retirees:
- Average: $1,948
- Age 62: $2,778
- Age 67: $3,918
- Age 70: $4,995
- Survivor Benefits:
- Average: $1,543
- Individual: $1,817
- 2 Children: $3,744
- SSDI Benefits:
- Average: $1,575
- Blind Recipients: $2,655
- Maximum: $3,918
- SSI Benefits:
- Average: $715
- Individuals: $967
- Couples: $1,450
- Essential Person: $484
What Do Retirees Need to Know About Retiring Before Full Retirement Age?
For those considering early retirement at age 62, it’s important to understand the eligibility requirements and how Social Security payments are calculated. The U.S. offers the option of early retirement for individuals who have contributed to the Social Security system for many years, but there are specific requirements to meet.
To qualify for early retirement, a worker must have worked at least 40 quarters (10 years) and paid payroll taxes throughout that time. The amount received will depend on the worker’s earnings history, as the Social Security Administration calculates the payments based on the highest 35 years of income. Keep in mind, however, that choosing to retire at 62 rather than at the full retirement age (typically 66 or 67) will result in a lower monthly benefit.
As 2025 approaches, retirees should be aware of the rules and plan accordingly to ensure they receive the maximum benefits available to them.
