The Social Security Administration (SSA) just announced that disabled and retired workers will get more money this week. Millions of Americans get Social Security payments every month from the federal government.
Because there are so many users, payments are not made to all of them on the same day. Benefits like retirement, unemployment, and death payments are expected to be given out this year, totaling about $1.5 trillion.
SSA rules say that people who were born between November 11th and December 20th will get their monthly payments tomorrow, Wednesday 18th. Remember that beneficiaries must have met the standards for full retirement age, working credits, and Social Security contributions before they can get this payment.
All Social Security payments for retired workers and disabled people this week
In order to get their monthly benefits from Social Security, people who are eligible for retirement, survivors, and disability insurance (RSDI) will need to know when they claimed their first payment and what day they were born.
For example, people who applied for this program’s benefits before May 1997 will get them on the third of every month, unless it’s a government holiday or the weekend. If they claimed checks after that date, on the other hand, they will get their Social Security income based on the following:
- Second Wednesday, or September 11th: for recipients whose birthdates fall between the 1st and the 10th
- Third Wednesday, or September 18th: for recipients whose birthdates fall between the 11th and the 20th
- Fourth Wednesday, or September 25th: for recipients whose birthdates fall between the 21st and the 31st
Cost-of-living adjustments (COLA) are not yet being given to recipients. In October, it will be official announced how much benefits will rise in 2025. Mary Johnson, an independent expert on Social Security and Medicare policy, thinks that the COLA for retirement and disability payments in 2025 will be 2.5%.
This is less than the 2.57 percent that she thought it would be in August. Johnson thought that if a person got $1,870, the Social Security Administration (SSA) would add about $46.80 to their monthly payment.
As of January 2024, the average monthly income for people who were retired was $1,907. Social Security benefits are based on a person’s 35 highest-earning years over the course of their lives, with inflation taken into account.
On its website, the Social Security Administration also says that your maximum payout is based on your retirement age. For instance, if you left at full retirement age in 2024, the most you could get is $3,822. The most you could get, though, is $2,710 if you left at age 62 in 2024. Lastly, the most you would get if you quit at age 70 in 2024 is $4,873.
Johnson says that the official news about COLA will happen on October 10. Every year, prices go up based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) rates for the third quarter of the year, which is made up of July, August, and September.
In 2024, payments to beneficiaries will go up by 3.4%, according to CPI-W. People who were retired or otherwise eligible got a huge 8.7 percent raise in 2023.
How much money will retirees and disabled people receive if the 2.5% COLA becomes effective?
Since the cost of living adjustment (COLA) of 2.5% starts next year, the following Social Security payouts will be made to retired workers and disabled people starting in January 2025:
| Retirement benefits | Social Security payments | 2.57% COLA increase | 2.63% COLA increase |
| On average | $1,900 | $1,949 | $1,950 |
| Age 62 | $2,710 | $2,780 | $2,781 |
| Age 67 | $3,822 | $3,920 | $3,923 |
| Age 70 | $4,873 | $4,998 | $5,001 |
| Survivor benefits | Social Security payments | 2.57% COLA increase | 2.63% COLA increase |
| On average | $1,505 | $1,544 | $1,545 |
| Individual | $1,773 | $1,819 | $1,820 |
| 2 Children | $3,653 | $3,747 | $3,749 |
As you can see, the people whose Social Security payments will go up the most are those who are eligible for the highest levels of benefits, like those who are retired or who are disabled.
Because of this, if you want to get the biggest monthly payment, you should talk to a financial advisor or Social Security expert. They can help you go over all of SSA’s rules and make sure you meet them in order to get this payment.
Also See:- Social Security Announces It Officially: Significant Shift in November Benefit Schedule