The Social Security Administration (SSA) has clarified that the 2025 cost-of-living adjustment (COLA) increase will not be included in the October 2024 payments. Instead, these payments will still reflect the 2024 COLA increase of 3.2%, as the new 2.5% boost for 2025 won’t take effect until later. Specifically, the first payments reflecting the 2025 increase will be sent out in December 2024 for SSI recipients and in January 2025 for retirees.
In this article, we’ll walk you through what Social Security beneficiaries can expect for the rest of October 2024 and how the payment schedule will work for those receiving retirement benefits.
Payment
If you’re a retiree waiting for your Social Security benefits this October, here’s what you need to know. The SSA has announced that the next round of payments will be sent on October 16, 2024, followed by another round on October 23. However, not everyone qualifies for these payments. The specific eligibility rules mean that some retirees will have to wait until the next round of payments.
Let’s break down the eligibility requirements for each October payment:
| October Payment Date | Eligibility Rules |
|---|---|
| October 9, 2024 | Born between the 1st and 10th of the month. |
| October 16, 2024 | Born between the 11th and 20th of the month; Not receiving SSI benefits. |
| October 23, 2024 | Born between the 21st and 31st of the month; Not eligible for prior payments. |
October 16 Payment
To receive the Social Security payment on October 16, 2024, retirees must meet a few important requirements. First, your birthday must fall between the 11th and 20th of the month. Additionally, you cannot have received Social Security before May 1997, and you must not be receiving SSI benefits. The average payment for retirees remains around $1,920 for these October disbursements.
It’s essential to note that retirees who break specific SSA rules, such as those who are incarcerated for more than 30 consecutive days, will not qualify for this payment. This rule helps ensure that Social Security funds are properly allocated to eligible beneficiaries.
October 23 Payment
If you don’t qualify for the October 9 or October 16 payments, the final payment in October will be sent out on October 23, 2024. This payment is reserved for those born between the 21st and 31st of the month. Similar to the previous rounds, retirees must not have received earlier payments and must meet all other SSA requirements to qualify.
For those born later in the month, this is the last chance to receive an October payment. Again, the average payment amount remains $1,920, but those who qualify for the maximum Social Security benefit can receive up to $4,873 per month if they delayed filing until age 70 and meet other specific conditions.
Post-October Payments
For retirees who received their October payment on October 3, the next round of Social Security benefits will be sent on November 1, 2024. Normally, the payment would be sent on November 3, but since this date falls on a Sunday, the SSA will send payments two days early. This is part of the SSA’s commitment to ensuring that beneficiaries receive their funds on time, regardless of weekends or holidays.
The November 1 payment will also reflect the 2024 COLA increase of 3.2%, with the 2025 COLA adjustment not arriving until January.
2025 COLA
As mentioned earlier, the 2025 COLA increase will not be reflected in any of the October, November, or December 2024 payments. The new 2.5% increase will kick in for SSI recipients on December 31, 2024, and for retirees, the increase will appear in January 2025 payments.
Here’s a quick timeline of when to expect the 2025 COLA boost:
| COLA Increase Recipients | Date of First 2025 COLA Payment |
|---|---|
| SSI Recipients | December 31, 2024 (early due to January 1 holiday) |
| Retirees | January 3, 8, 15, or 22, 2025 (based on birthdate) |
The 2.5% increase may seem smaller than the previous year’s adjustment, but it still represents an important boost to help retirees and other Social Security recipients keep pace with inflation.
Maximum Benefits
For those eligible for maximum benefits, Social Security payments can go up to $4,873 per month in 2024 if you waited until age 70 to file. This is the highest possible benefit and depends on a combination of your work history and filing age. For most beneficiaries, however, the average payment is around $1,920 per month.
In conclusion, October Social Security payments are already in progress, with more payments scheduled for the 16th and 23rd. Keep in mind that none of these payments will reflect the upcoming 2025 COLA increase, which will only take effect in December and January. Until then, retirees and SSI recipients will continue receiving benefits based on the 2024 COLA adjustment.
FAQs
Will the October 2024 payments include the 2025 COLA increase?
No, the 2025 COLA increase won’t be included until December 31, 2024, for SSI recipients and January 2025 for retirees.
Who qualifies for the October 16, 2024 Social Security payment?
Retirees born between the 11th and 20th of the month who aren’t receiving SSI benefits.
When will the November Social Security payment be sent?
The November payment will be sent on November 1, 2024.
What’s the maximum Social Security benefit in 2024?
The maximum benefit is $4,873 per month for those who file at age 70.
When will retirees get the 2025 COLA increase?
Retirees will see the 2025 COLA increase in their January 2025 payment.
