Author: Grace Thompson

For retirees who started receiving Social Security benefits after May 1997, the Social Security Administration (SSA) is set to deliver their first payment of October on October 9. The average monthly benefit for these individuals will be around $1,900, though actual amounts can vary based on individual circumstances. This payment is crucial for many, as it helps cover essential living expenses and maintain a comfortable retirement. Upcoming Payment Schedule for October The SSA sends out over 70 million payments each month, with a carefully planned schedule to ensure all beneficiaries receive their funds on time. For those who began receiving benefits after May 1997, the October payment dates are as follows: October 9 (Second Wednesday) for retirees born between the 1st and 10th ...

As the final days before the 2025 Cost of Living Adjustment (COLA) are upon us, millions of Social Security beneficiaries are anticipating an announcement on how much their monthly payments will increase. The official COLA for 2025 will be determined using inflation data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), typically considering the months of July, August, and September. The final number is expected to be released on October 10, 2024. What to Expect from the 2025 COLA Increase? While the official figures for September are still pending, current estimates based on the available inflation data from July and August suggest that the COLA increase for 2025 may be around 2.5%. This is lower than the 3.2% increase seen in 2024. The average Socia...

As October approaches, millions of Americans eagerly await the announcement of the new Cost of Living Adjustment (COLA) for Social Security, which will be revealed mid-month. This adjustment is crucial for retirees, disabled individuals, and other beneficiaries who rely on Social Security payments to cover their essential needs. The annual COLA aims to counteract the effects of inflation, ensuring that beneficiaries maintain their purchasing power in an ever-changing economy. Importance of the COLA Announcement The upcoming COLA increase is particularly significant as it will directly impact the budgets of many households across the United States. This adjustment is calculated based on the Consumer Price Index (CPI), which tracks the price changes of a basket of goods and services. B...

On October 10, 2024, significant changes to Social Security will be announced, impacting over 71 million retirees, Veterans, and disability beneficiaries across the United States. These changes are essential for individuals relying on Social Security to navigate the rising costs of living. Below are the key updates that recipients should be aware of. Cost of Living Adjustment (COLA) Increase The most notable change is the Cost of Living Adjustment (COLA) for 2025, which is projected to be 2.5%. This adjustment helps beneficiaries cope with inflation, ensuring that their payments keep pace with rising living expenses. While the 2024 COLA was 3.2%, the new increase aims to provide continued support for seniors and individuals with disabilities. Payment Schedule Changes In additio...