Social Security payments are a crucial source of income for many retirees and people receiving SSI (Supplemental Security Income).
If you’re wondering when the next payments will be or how much you’ll receive, it’s important to know the specific details,
including when the 2025 COLA raise will be applied and how the October payments work. In this article, we’ll explain all of this and more in simple terms.
2025 COLA Raise and Payment Timing
For individuals receiving SSI, the 2025 Cost of Living Adjustment (COLA) increase will not be added until December 31, 2024.
This means that the COLA raise, which is 2.5%, will be part of the December payment, not the October one. If you’re getting Social Security payments, you’ll see this raise starting in January 2025.
In contrast, the 2024 COLA raise of 3.2% has already been added to your payments, and it will be reflected in all payments throughout 2024. So, while you won’t see the 2025 raise yet, you are already benefiting from the 2024 increase.
October Social Security Payments
This week’s Social Security payments are scheduled for October 16, 2024. If you are eligible for this payment, here’s what you need to know:
- You must not have received Social Security before May 1997.
- You cannot be receiving SSI benefits.
- You must meet the birthday requirement.
Only retirees born between November 11 and October 20 will receive a check on October 16. If you don’t meet these requirements or break any of the SSA’s rules (like spending more than 30 days in jail), you will not get this payment.
Social Security Payments After October
If you missed the October 9 or 16 payments, there’s still one more chance to get your Social Security payment in October.
On October 23, 2024, people born between October 21 and October 31 will receive their Social Security checks.
The payment amounts will be the same as the earlier payments, but it’s still important to check that you qualify.
In 2024, the maximum amount you can receive is $4,873 if you start receiving Social Security benefits at age 70 and meet other eligibility requirements.
Final Payments of the Year
If you didn’t qualify for the October 3 payment, your last Social Security check of the year will arrive on December 23, 2024.
However, if you qualify for this payment, you’ll get it two days early since December 23 falls on a Monday.
If you retired on October 3 and got your payment then, your next check will arrive on November 1, 2024, which will also be two days earlier due to the weekend.
In short, the 2025 COLA raise will be added in December, and Social Security payments in October are based on your birthday and other requirements.
If you meet the requirements for the October 16 or 23 payment dates, you’ll receive your check as scheduled.
Be sure to check your eligibility so you don’t miss out on any payments, and remember that if you retire on specific dates, your payments might arrive earlier.
1. When will the 2025 COLA raise be applied to Social Security payments?
The 2025 COLA raise will be applied starting December 31, 2024.
2. How much will the 2025 COLA raise be?
The 2025 COLA raise will be 2.5%.
3. Who qualifies for the October 16, 2024, Social Security payment?
To qualify, you must not have received Social Security before May 1997, not be receiving SSI, and have a birthday between November 11 and October 20.
4. What is the maximum Social Security payment in 2024?
In 2024, the maximum Social Security payment you can receive is $4,873 if you start at age 70.
5. Will Social Security payments be early in November and December?
Yes, payments in November and December will arrive early due to weekends and holidays.
