None of the October, November, or December payments will bring the 2025 COLA increase for retirees. Therefore, all retirees will need to wait for their January check in 2025.
Some will receive this extra money from Social Security on one of the payments on January 3, 8, 15, or 22. It will depend on when you usually receive your check or direct deposit. Only SSI recipients will get the 2025 COLA increase in 2024, but it will not be until December 31, 2024.
October payments will not bring the 2025 COLA
The Social Security Administration has scheduled a payment for October 16. This payment will not be for all retirees, only those who meet all the conditions will receive this money. October 16 eligibility:
- retirees whose birthday is from 11-20 and
- are not receiving SSI (Supplemental Security Income) payments
- started getting Social Security after April 30, 1997
October 16 will not be the last payment, in fact, some retirees will not receive their check or direct deposit until October 23, 2024. But who will be eligible?
- retirees whose birthday is from 21-31 and
- are not receiving SSI (Supplemental Security Income) payments
- started getting Social Security after April 30, 1997
October payment amounts for retirees on Social Security without 2025 COLA
Some retirees may qualify for the largest payment in 2024. However, these retirees must have met all the conditions SSA set, which are really challenging indeed.
For example, if you qualify for a payment worth $4,873, you must have filed at 70, had a job covered by SSA for 35 years and earned the contribution an benefit base all those years too.
Those who file at 62 but meet the rest of the conditions can get up to $2,710 and up to $3,822 if you file at Full Retirement Age (FRA). FRA is 66 years and 8 months old. On average, retired workers can get $1,920. Those whose payment is too low may want to apply for SSI and SNAP benefits too. These amounts will increase in January after COLA.