Social Security Payments for Retirees – Before the 2025 COLA Increase Announcement

Retirees have likely already received their Social Security payments for September, as these were deposited into bank accounts earlier in the month. However, if you were expecting your September 25 payment but haven’t seen it yet, there’s no need to panic immediately. The Social Security Administration (SSA) suggests waiting up to three mailing days before reaching out to report a missing payment.

But what about October? If you qualify for a Social Security payment before the announcement of the 2025 Cost of Living Adjustment (COLA), you might receive your money earlier than usual.

October Payments

The first wave of October Social Security checks and direct deposits will be sent out on October 3. This payment is specifically for those who have been receiving monthly benefits from Social Security’s retirement or Disability Insurance (SSDI) program since before May 1997.

Additionally, individuals who qualify for both Social Security and Supplemental Security Income (SSI) will also receive payments on October 3. However, the amounts may differ. Those solely receiving SSI typically receive a smaller check than retired workers. For context, the average Social Security payment for retired workers is about $1,920, although high earners could see payments as high as $4,873 in 2024.

Second Payment

Another round of payments will go out on October 9, just one day before the 2025 COLA increase announcement is scheduled for October 10. While this announcement will detail the next boost in benefits, the actual increase won’t take effect until January 2025. The last day of 2024, December 31, is when SSI recipients will see their updated checks with the new COLA applied.

If you were born between the 1st and 10th of any month and are receiving Social Security benefits but not SSI—and if you started receiving benefits after May 1997—you’re eligible for this October 9 payment. This payment will be your regular Social Security benefit for October, not including any COLA adjustments.

COLA Announcement

The SSA will announce the COLA increase for 2025 on October 10. While this won’t affect October payments, it’s important to keep track of when your increased benefits will arrive. The first payments reflecting the 2025 COLA will be issued in January, with SSDI and retirement recipients receiving their updated payments on January 3, 8, 15, or 22, depending on their birthdate and benefit schedule.

Key Dates Recap

To sum things up, here are the critical payment dates to remember:

COLA Increase

The Cost of Living Adjustment is a critical factor for Social Security beneficiaries, as it ensures that payments keep pace with inflation. For 2025, the new COLA will go into effect for January payments. While SSI recipients will see their COLA-boosted checks on December 31, everyone else—whether receiving retirement benefits or SSDI—will have to wait until January to notice the change in their payment amounts.

2025 Payments

To make sure you’re financially prepared, it’s a good idea to monitor your payment schedule and keep an eye on the COLA announcement. Knowing the exact dates when you’ll receive your new, increased benefits can help with budgeting and financial planning.

In conclusion, knowing the timing of your Social Security payments can prevent confusion and help you plan effectively. Whether you’re receiving your check on October 3 or October 9—or waiting for a larger check in January due to the COLA increase—staying informed about your payment schedule is key to managing your retirement finances.

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