Social Security benefits will be paid into bank accounts this week just before Christmas. The payment schedule varies depending on birth date or years of benefit claims.
For those retiring at age 70, the maximum monthly benefit is $4,873. For early retirees starting at 62, it’s $2,710. The average monthly retirement benefit for recipients in January 2024 was $1,907. This week, payments will be made to individuals born between December 21st and 31st, on Christmas Eve.
The Social Security Administration (SSA) makes early payments to avoid putting recipients at a financial disadvantage. Recipients do not need to report duplicate payments and should wait three working days before contacting the SSA if their payment doesn’t arrive.
Benefits will rise for January onward due to a 2.5% increase in 2025. The estimated average monthly benefit for 2025 is $1,976. Payments can be lower than this amount as most retirees don’t receive the maximum benefit. Adjusted payments for Supplemental Security Income (SSI) recipients begin in December 2024 and January 2025.
Source: https://www.newsweek.com/social-security-update-retirement-payment-christmas-2004951