New Social Security check and raise for retirees – It’s official what happens next week

According to Lagradaonline, Next week brings good news for Social Security beneficiaries, especially retired Americans who rely on their monthly benefits to cover expenses and enjoy their retirement. On Wednesday, October 9th, retirees will receive their next Social Security check, with amounts ranging between $1,900 and $4,873. Following this payment, beneficiaries will receive the official announcement of the cost of living adjustment (COLA) increase on Wednesday, October 10th. Once the new percentage is confirmed, the Social Security Administration (SSA) will start delivering checks reflecting this increase in January 2025.

Upcoming Social Security Payment Schedule

Each month, the SSA processes over 70 million payments for retirees, survivors, disabled individuals, and SSI recipients. To manage this, they have designed a monthly payment schedule so beneficiaries can know when to expect their checks based on the program they qualify for. According to this schedule, the next Social Security checks will be disbursed as follows:

• Wednesday, October 9th: Beneficiaries born between the 1st and 10th of the month who claimed benefits after May 1997 will receive their checks.
• Wednesday, October 16th: Beneficiaries born between the 11th and 20th of the month who claimed benefits after May 1997 will receive their checks.
• Wednesday, October 23rd: Beneficiaries born between the 21st and 31st of the month who claimed benefits after May 1997 will receive their checks.

Beneficiaries are reminded that if their payment does not arrive on the scheduled date, they should wait at least three mailing days before contacting the SSA. Any delays may be due to the banking processing system.

Payment Amounts for Beneficiaries

The amount beneficiaries receive in their next Social Security check varies based on factors such as full retirement age (FRA), work history, and Social Security contributions made to the system. For those qualifying under the Social Security Disability Insurance (SSDI) program, payment amounts will differ according to specific criteria. Here’s a brief overview of the current payment amounts by program:

• Retirement Benefits: Varies based on the individual’s work history and contributions.
• Survivor Benefits: Based on the deceased spouse’s earnings record.
• Disability Benefits: Determined by work history and type of disability.

Also read: Retirees who will not get Social Security until October 23

Looking Ahead to COLA Increases

It’s important to note that once the new cost of living adjustment is announced, beneficiaries will see increased checks starting in January 2025. Although the final percentage has not been confirmed, projections from the Senior Citizens League suggest that the new Social Security check amounts could increase by approximately 2.5%. This would result in the following anticipated payment amounts: