In January 2024, the Social Security Administration (SSA) began issuing the first payments of the year, which included a 3.2% Cost of Living Adjustment (COLA). This adjustment was reflected in the benefits of both retirees and individuals with disabilities.
COLA is an annual adjustment applied by the SSA to Social Security payments to offset inflation. In 2024, the adjustment was 3.2%, significantly lower compared to the 8.7% adjustment from the previous year, which was the highest since 1981 and the fourth largest in the program’s history.
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What is COLA and why is it important in Social Security payments?
This adjustment directly impacts the income of millions of beneficiaries, ensuring that their payments retain purchasing power in the face of rising prices. The SSA organizes an annual payment schedule so beneficiaries know in advance when they will receive their checks.
This system allows retirees and people with disabilities to better plan their finances. Supplemental Security Income (SSI) payments are made on the first day of each month, while payments for retirees are distributed on Wednesdays, based on the beneficiary’s birth date.
Payment distribution by birth date:
● Born between the 1st and 10th of the month: Payments are received on the second Wednesday of the month.
● Born between the 11th and 20th of the month: Payments are received on the third Wednesday of the month.
● Born between the 21st and 31st of the month: Payments are received on the fourth Wednesday of the month.
Remaining payment dates in 2024
Below is the Social Security payment schedule for the remaining months of 2024:
June 2024 Payments
● Second Wednesday: June 12
● Third Wednesday: June 19
● Fourth Wednesday: June 26
July 2024 Payments
● Second Wednesday: July 10
● Third Wednesday: July 17
● Fourth Wednesday: July 24
August 2024 Payments
● Second Wednesday: August 14
● Third Wednesday: August 21
● Fourth Wednesday: August 28
September 2024 Payments
● Second Wednesday: September 11
● Third Wednesday: September 18
● Fourth Wednesday: September 25
October 2024 Payments
● Second Wednesday: October 9
● Third Wednesday: October 16
● Fourth Wednesday: October 23
November 2024 Payments
● Second Wednesday: November 13
● Third Wednesday: November 20
● Fourth Wednesday: November 27
December 2024 Payments
● Second Wednesday: December 11
● Third Wednesday: December 18
● Fourth Wednesday: December 24
Importance of knowing payment dates
Knowing the exact payment dates is crucial for Social Security beneficiaries as it allows them to better manage their personal finances. This knowledge helps plan expenses and ensure they can meet their financial obligations on time. Additionally, if there is any issue with the payment, knowing the exact date it should arrive makes it easier to resolve the problem.
The SSA provides a clear and predictable schedule for Social Security payments, which is very helpful for beneficiaries. With the 2024 Cost of Living Adjustment (COLA) already applied, it is important for beneficiaries to review and understand the payment dates for the remaining months of the year. This ensures they can adequately plan their finances and avoid any inconveniences related to the receipt of their payments.