For people who get SSI, the Social Security Administration won’t send the 2025 COLA raise until December 31, 2024. People in the United States who are eligible for retirement payments will get more money in January 2025.
So, the 2.5% COLA raise for 2025 will not be included in any of the October payments that are about to be sent. They do have the 3.2% raise for the 2024 COLA, but it’s the same as in all the other 2024 payments.
Social Security payments this week
The payment plan for the Agency shows that the payment for this week will happen on October 16, 2024. To get money on Wednesday, you need to:
- Cannot have received Social Security before May 1997
- Cannot be receiving SSI benefits
- Must meet the birthday requirement
Remember that on October 16, 2024, only retirees whose birthday is between November 11 and October 20 will get a check. People who quit and break any of the SSA’s rules will not be able to get this payment. For instance, if you spend more than 30 days in jail in a row. Most of the time, payments will be around $1,920.
Social Security payment after October 2024
People who don’t qualify for the October 9 or 16 payment from the government have one last chance on October 23. The overall amounts for all October payments will be the same, but some people may be able to get the most money.
In 2024, the most you can get is $4,873 if you file when you are 70 years old and meet other requirements. You must have been born between October 21 and October 31 to get Social Security on October 23.
So, American retirees born after December 20 will be able to get their last Social Security payment on December 23. Yes, as long as you weren’t qualified for the payment on October 3.
People who retired on October 3 and got money will get their next Social Security payment on November 1. Thus, it will arrive in your bank account two days ahead of schedule, since November 3 is a Sunday.
Also See:- What will be the annual increase after the 2025 COLA for SSI payments?