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...

For millions of retirees, Social Security is a vital source of income, making annual cost-of-living adjustments (COLA) crucial for managing inflation and rising living expenses. As we approach 2025, the new COLA is expected to introduce changes that retirees should be prepared for, marking a new era for Social Security recipients. Lower COLA Expected for 2025 In 2025, retirees can anticipate a lower COLA increase compared to the 3.2% adjustment in 2024. Based on inflation data from July and August, estimates project a 2.5% COLA for the upcoming year. However, this figure is subject to change depending on the September inflation data, which the Bureau of Labor Statistics (BLS) will release soon. Despite the final percentage still being unknown, the increase in 2025 is expected to be l...

Social Security payments for retirees vary based on specific rules, particularly around your birthdate and when you started receiving benefits. October has several payment rounds, and if you're eligible, your payment may arrive earlier or later in the month. Some retirees, for example, will receive their cheque or direct deposit as late as October 23, 2024. Despite the wait, these payments are scheduled and on time, with no delays. Who Qualifies for the October 23 Payment? The Social Security Administration (SSA) has a clear schedule for payments based on your birthdate. If you were born between October 21 and October 31, you will receive your Social Security payment on October 23. Here’s a breakdown of the payment dates: Birthdays from October 1 to October 10: Payment on October...