The Social Security Administration (SSA) has confirmed the upcoming payments in October. SSI, retirement, and SSDI recipients can learn their new paydays in the United States.
For example, if you are a Supplemental Security Income (SSI) recipient, SSA has scheduled your payment for October 1. This will be the only payday and beneficiaries can get up to $943, or $1,415 for married couples. Here are the rest of the paydays for retirees and disability insurance beneficiaries.
Social Security and the COLA increase figure announcement
On October 10, the Social Security Administration will unveil the 2025 COLA increase. It will be much lower than in the previous years but it is uncertain the exact amount.
Nevertheless, projections from the Senior Citizens League are very accurate. And they claim it could be a Social Security increase of about 2.5%. Since inflation has kept cooling down, the COLa increase has continued decreasing too.
The Administration will not add to retirement, SSDI, and SSI payments the COLA increase until December 31 for SSI and January 2025 for the rest of the benefits. Unlike SNAP benefits, which will get an increase in October 2024. If you would like to apply for retirement or disability benefits you need to earn the minimum number of work credits.
How will the upcoming COLA increase affect my monthly Social Security payments?
The upcoming 3.2% cost-of-living adjustment (COLA) for 2024 will increase monthly Social Security payments for over 66 million beneficiaries starting in January 2024. Here are the key points to consider:
- The 3.2% COLA will begin with benefits payable in January 2024 for Social Security beneficiaries and on December 29, 2023 for Supplemental Security Income (SSI) recipients.
- For the average retired worker receiving about $1,920 per month in August 2024, a 3.2% COLA would increase their monthly benefit by around $61. Average survivor benefits of $1,509 would go up by about $48 and average disability insurance payments of $1,540 would increase by $49.
- The maximum amount of earnings subject to Social Security tax (taxable maximum) will increase to $168,600 in 2024. The earnings limit for workers under full retirement age will be $22,320, with $1 deducted for every $2 earned over this limit.
- Medicare Part B premiums, which are deducted from most Social Security payments, are projected to increase in 2025, which would offset some of the COLA increase. The exact 2025 premium will be announced in the fall of 2024.
- COLAs are intended to protect the purchasing power of Social Security benefits against inflation. While benefits can lag during periods of high inflation, over time COLAs do keep pace to maintain buying power for seniors.
Social Security payment schedule for October
October 3 will be the first possible payment date for retirees and SSDI recipients. However, you must meet the requirements the Administration has set to receive them.
- on Social Security before May 1997, or
- be receiving SSI benefits simultaneously
- filing and approval is necessary
- remaining eligible and not breaking SSA rules is essential
The other payment dates will be due on October 9, 16 and 23. To get money on any of these dates you cannot be receiving SSI and you cannot have gotten Social Security before May 1997. Birthdays from 1-10, 11-20, or 21-31 respectively are required to get money on those paydays.