The clock starts over this year when the new round of Social Security payments for 2025 start. Nearly 78 million Americans depend on Social Security to meet their basic needs.
Most of these payments are for retirement, but some people also get help because they are disabled or because they do not make much money. This is called Supplemental Security Income (SSI). Because of inflation, prices are going to go up this year, which means that payments will also go up.
Social Security payment dates for January 2025
The dates that Social Security recipients get paid will stay the same as they were last year, except for when a payment date falls on a weekend or public holiday. Anyone who is getting Social Security payments for the first time this year or who wants more information about when their payment will be sent, depending on the program they are in, here are some important dates to keep in mind this month:
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SSA beneficiaries who started getting benefits before May 1997: Jan. 3
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Birthday between the 1st and 10th of the month: Jan. 8 (Second Wednesday of the month)
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Birthday between the 11th and 20th of the month: Jan. 15 (Third Wednesday of the month
- Birthday between the 21st and 31st of the month: Jan. 22 (Fourth Wednesday of the month)
Most of the time, SSI payments are made on the first of every month. The January payment, on the other hand, would have been sent to recipients on December 31, 2024, since January 1, 2025, was a holiday. This is also how payments will be made on February 1, 2025. Since that date is a weekend, the payments will be sent out a day early on January 31, 2025.
New changes for Social Security in 2025
Beneficiaries will get 2.5% more this year in their payments. This is because of the new cost-of-living adjustment (COLA) increase. This makes sure that Social Security payments keep up with inflation and the rising cost of living.
A lot of people who get Social Security depend on it as their only source of income. Because of this, it is very important that these payments go up every year so that people who get them can cover their monthly costs.
The new Fairness Act and the new COLA increase are both set to start this year. The bill was signed into law by President Biden on Monday. It will increase Social Security payments for about three million people who also get a public pension.
Over the next ten years, the bill will cost $195 billion. Some critics have said that the new law will make the fund’s reserves even less stable than they are now.
Uncertainty regarding Social Security’s reserves
This year, President-elect Trump will start his second term as president that is not a straight one. Now that there is a new administration in the White House, the Trump administration is likely to answer important questions about the state of the Social Security fund’s reserves.
During his run for office. Trump said that people who get Social Security payments would not have their payments cut. In light of this, another way to make the Social Security fund last longer would be to raise taxes on Social Security.
Making Social Security last longer is important for making sure that future generations will be able to afford it. The program is under more and more stress as the population ages and more people retire.
The trust fund could run out in the next few decades, according to predictions. If nothing is done, future beneficiaries may get less money. To fix this, policymakers need to think carefully about how to solve the problem.
Protecting the long-term viability of Social Security is important to make sure that it continues to provide economic stability and support to millions of retirees, disabled people, and their families for years to come.
Even though there will be changes next year, people who benefit from the program can be sure that it will not end completely. Even though changes need to be made, the Social Security fund is an important part of American law and will not be cut.
