The Social Security Administration (SSA) has announced that the 2025 Cost-of-Living Adjustment (COLA) increase of 2.5% will not be applied until December 31, 2024, for Supplemental Security Income (SSI) recipients. For retirees, the COLA boost will be included in their January 2025 payment. This means that any Social Security payments sent in October 2024 will not reflect the 2025 COLA adjustment. However, these payments still contain the 3.2% increase from the 2024 COLA.
Social Security Payments This Week: October 16, 2024
The SSA’s payment schedule indicates that this week’s Social Security payments will be sent on October 16, 2024. To qualify for this payment, recipients must meet specific requirements:
- They must not have received Social Security payments before May 1997.
- They must not be receiving SSI benefits.
- Their birthday must fall between the 11th and 20th of the month.
Those who meet these criteria will receive their retirement checks, with the average payment around $1,920. It’s important to note that individuals who violate SSA’s rules, such as those incarcerated for over 30 consecutive days, will not qualify for this payment. For more details on the payment schedule, you can visit the Social Security Administration website.
What About Payments After October 2024?
For recipients who do not qualify for the October 9 or October 16 payments, there is one last chance to receive their Social Security payment on October 23. Those born between the 21st and 31st of the month will be eligible for this payment. The maximum benefit for 2024 can reach up to $4,873 if you file at 70 and meet the necessary conditions.
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Retirees who received payments on October 3 will get their next Social Security payment on November 1, as November 3 falls on a Sunday. This means recipients will receive their payments two days earlier than the typical schedule.