The average Social Security payment will rise by more than $50 per month starting in January, thanks to the federal government’s 3.2% annual cost-of-living adjustment, or COLA. A 3.2% increase in the average Social Security check—about $1,

Fact checked by Giselle Cancio If you're a qualified American, you're entitled to receive your hard-earned Social Security benefits in retirement. However, you may find yourself in a situation where your Social Security benefits are smaller than expected because you've earned too much money while receiving early retirement benefits.

Here is the January Social Security payment schedule for retirement, disability, and survivor beneficiaries, as well as those who receive Supplemental Security Income (SSI).

Those who receive Social Security payments will see a bit of a change to their regularly scheduled payments for the first couple months of 2025. In particular, those receiving Supplemental Security Income (SSI) will receive their first payment of 2025 this Tuesday, the final day of 2024.

As of the 2024 Trustees Report, Social Security was contending with a $23.2 trillion (and growing) long-term funding obligation shortfall. Even more pressing, the asset reserves for the Old-Age and Survivors Insurance Trust Fund (OASI), which provides monthly payouts to retired workers and survivor beneficiaries, is expected to be depleted by 2033.

One of the most critical decisions is when to start receiving Social Security benefits. Social Security is a primary source of retirement income for many Americans, so it makes sense to think about all the possible ways to maximize benefits.