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...

The Social Security Administration (SSA) is responsible for disbursing retirement benefits to millions of Americans, but not all retirees receive their payments on the same day. Eligibility for certain pay dates depends on when you started receiving benefits, your birthdate, and whether you are eligible for Supplemental Security Income (SSI). In October, several rounds of payments will be sent, so it’s important to know which date applies to you. October 3 Payment for Early Retirees For retirees who began receiving Social Security benefits before May 1997, the SSA sent out payments on October 3, 2024. This payment date also applies to individuals who receive both SSI and retirement benefits. Those who fit this category may have already seen their direct deposit or cheque arrive. If y...