The Social Security Administration will not send the 2025 COLA increase until December 31, 2024 for SSI recipients. Those citizens who qualify for retirement benefits will get a boost in their January 2025 payment.
So, none of the October payments that will soon be sent will bring the 2025 COLA increase of 2.5%. They do contain the 3.2% increase for the 2024
COLA, but just like in the other payments in 2024.
Social Security payments this week
The Agency’s payment schedule has unveiled that this week’s payment will take place on October 16, 2024. To get money on Wednesday, you:
- cannot have received Social Security before May 1997
- cannot be receiving SSI benefits
- must meet the birthday requirement
Bear in mind that only those retirees whose birthday is from 11-20 will get a retirement check on October 16, 2024. Those retirees who break any of the SSA’s rules will not qualify for this payment. For example, if you go to prison for over 30 consecutive days. On average, payments will be about $1,920.
Social Security payment after October 2024
Those who do not qualify for the October 9 or October 16 payment from the Administration have one last chance on October 23. Although the average amounts will be exactly the same for all the October payments, some may qualify for maximum amounts.
The maximum amount for 2024 will be up to $4,873 if you file at 70 and meet other conditions. To get money from Social Security on October 23, you must have been born from 21-31.
Thus, American workers in retirement who were born after the 20th will be eligible for the last Social Security payment on the 23rd. Of course, as long as you were not eligible for the October 3 payment.
Retired workers who did get money on October 3 will receive their next Social Security payment on November 1. So, it will be in your bank account 2 days before the usual payday because November 3 will be Sunday.