Social Security sends monthly payments to retirees on benefits before May 1997 on the third day of the month. Although a new payment has been scheduled for July 3, it will not be on that date in August.
The August payment for those on benefits before May 1997 will not be on the third. August 3 is Saturday and the Administration never pays on the weekend or on a Federal holiday.
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1sr change for pre-1997 retirees on Social Security and it is not COLA
August 2 will be their payday and not August 3. so, they will get their next payment on July 3 and then on August 2. In order to avoid delays, the Administration sends money on the previous business day.
The payments in September and October will be when they should be, on the third. It will not be on a different payday until November. Once more, November 3 falls on the weekend.
Pre-1997 retirees will get their November payment from Social Security on November 1. Therefore, there will be a different payday on August and November.
Possible Social Security COLA increase in 2025
The new date when the Social Security Administration will announce the COLA boost will be October 10, 2024. This will be when the CPI for July, August, and September will be unveiled. Increases will not be sent until January 3, 2025.
Then, once Social Security compares it to the figures in the third term in 2023, the new COLA will be announced. According to the Seniors Citizens League, there may be a 2.6% COLA increase in 2025.
That is higher than average but lower than previous COLA boosts. It will mean retirees could get an average payment of $1,964. That is an increase of 49 dollars. It does not seem to be quite a lot of money, but in just one year it could be about $588. The higher your payment is, the larger the COLA increase will seem.