Each and every citizen of the United States who has a Social Security benefit is able to see the COLA increase each year. Fortunately, this increase makes it possible for retirees to have a higher financial status. So getting an annual raise is always good news.
However, not every year retirees get the same amount. For next year 2024, according to the new official announcement from COLA Social Security, the increase will be 3.2%. This may be good news, yes, but it seems insufficient for many beneficiaries.
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Still, the 8.7% increase in this year 2023 is still in effect, so every new check we get has that COLA added to it since January of this year. So the next of your Social Security payments will, as usual, have that percentage added so you can enjoy a bigger check.
If you are still waiting to get your Social Security payment in October, you may be in the next group of retirees. If so, you will only have to wait a few days to enjoy your maximum check of $4,555 or $3,627, depending on your retirement category.
WHO GETS THE NEXT SOCIAL SECURITY CHECK IN OCTOBER?
Within the benefits that the Social Security Administration pays throughout the month we find four different days. On each of these days retirees can get payment depending on which group they belong to.
The first group is always retirees with a pre-1997 benefit. If our retirement check is prior to that year, payment will usually arrive on the 3rd day of each month, with some exceptions.
However, retirees with a benefit from after 1997 get their payment on one of three different days. They could be on the second, third or fourth Wednesday of the month. This will depend on the birthday.
And the next of the payment days will be the third Wednesday of the month, which means the check will be for post-1997 retirees with a birthday between the 11th and 20th of any month.
Those are the only two mandatory requirements for the Social Security Administration to send a check to that group. If we want to receive the benefit on the same day, we will need to activate Direct Deposit. This is the only way to get the payment directly and without delay.