Get Ready for $1,920 Social Security Payment: Is the 2025 COLA Increase Coming Your Way?
The Social Security Administration (SSA) has confirmed that the 2025 Cost-of-Living Adjustment (COLA) increase will not be sent until December 31, 2024, for Supplemental Security Income (SSI) recipients. In contrast, citizens who qualify for retirement benefits will see their COLA boost reflected in their January 2025 payments.
Upcoming October Payments
It’s important to note that none of the Social Security payments scheduled for October 2024 will include the 2.5% increase from the 2025 COLA. Instead, these payments will still reflect the previous 3.2% adjustment for the 2024 COLA, consistent with other payments made throughout 2024.
Upcoming Social Security Payments This Week
The SSA’s payment schedule indicates that the next payment will occur on October 16, 2024. To qualify for this payment, recipients must meet the following criteria:
- Must not have received Social Security before May 1997.
- Must not be receiving SSI benefits.
- Must meet the birthday requirement.
Only retirees whose birthdays fall between the 11th and 20th of the month will receive their Social Security checks on October 16, 2024. Any retirees who do not meet these conditions, such as those incarcerated for over 30 consecutive days, will not qualify for this payment. The average payment amount is expected to be around $1,920.
Social Security Payments After October 2024
For those who do not qualify for the payments on October 9 or October 16, there is one final opportunity to receive a payment on October 23. While the average amounts for all October payments will remain the same, some recipients may qualify for higher maximum amounts.
The maximum benefit for 2024 can reach up to $4,873 if recipients file at age 70 and meet other conditions. To qualify for the October 23 payment, individuals must have been born between the 21st and 31st.
Retired workers who received their payments on October 3 will receive their next Social Security payment on November 1. Notably, this payment will arrive two days earlier than usual, as November 3 falls on a Sunday.
