Social Security payment schedule for October 2024, check it before knowing the 2025 COLA increase figure
According to Vibes.okdiario, The Social Security Administration (SSA) has confirmed the payment schedule for October, providing important information for recipients of Supplemental Security Income (SSI), retirement benefits, and Social Security Disability Insurance (SSDI). Here’s what you need to know about the upcoming paydays in the United States.
Payment Schedule for SSI Recipients
For those receiving Supplemental Security Income (SSI), the SSA has scheduled the payment for October 1. This will be the only payday for SSI beneficiaries this month, with individuals potentially receiving up to $943 and $1,415 for married couples.
Paydays for Retirees and SSDI Recipients
The first possible payment date for retirees and SSDI recipients will be October 3. However, to be eligible for this payment, you must meet specific requirements set by the SSA, which include:
- Having filed for Social Security benefits before May 1997, or
- Receiving SSI benefits concurrently.
Also read: SNAP (Food Stamps) 2025 COLA: payment schedule for October increase up to $1,751-$3,516
It is also crucial to have your filing approved and to remain compliant with SSA rules. Subsequent payment dates for retirees and SSDI beneficiaries are scheduled for October 9, 16, and 23. To receive payments on these dates, recipients must not be receiving SSI and should not have filed for Social Security benefits before May 1997. Payment dates are determined based on birthdays: those born between the 1st and 10th will be paid on October 9, between the 11th and 20th on October 16, and those born between the 21st and 31st on October 23.
Upcoming COLA Increase Announcement
On October 10, the SSA will announce the 2025 Cost-of-Living Adjustment (COLA) increase. While the increase is expected to be much lower than in previous years, projections from the Senior Citizens League suggest it could be around 2.5%. As inflation continues to cool down, the COLA increase has also decreased.
It is important to note that the SSA will not implement the COLA increase for retirement, SSDI, and SSI payments until December 31 for SSI recipients and January 2025 for all other benefits. This differs from SNAP benefits, which will receive an increase in October 2024.
For those considering applying for retirement or disability benefits, it is essential to earn the minimum number of work credits to qualify.