Many Social Security beneficiaries are eager to know if they’ll see the 2025 COLA increase in their upcoming payments. However, the 2.5% COLA adjustment will not apply to payments issued in October 2024. Let’s take a closer look at this week’s Social Security payment schedule, who will receive money, and when the 2025 COLA increase kicks in.
COLA
The 2025 COLA (Cost-of-Living Adjustment) will not appear in any October 2024 payments. SSI recipients will receive the 2.5% increase starting December 31, 2024, with the adjustment reflected in January 2025 payments. Retirees receiving Social Security benefits will see the COLA boost in their first check of 2025.
Meanwhile, the October 2024 payments still include the 3.2% increase from the 2024 COLA. So, the amounts beneficiaries receive this month will remain unchanged from earlier 2024 payments.
Payments
This week’s Social Security payment will be sent on October 16, 2024, following the standard payment schedule. However, to qualify for this payment, recipients must meet specific criteria:
- Not have received Social Security before May 1997
- Not receive SSI benefits
- Birthday between the 11th and 20th of the month
Those who meet these rules will see their check arrive on Wednesday, October 16. If these criteria aren’t met, they will not qualify for this specific payment. For example, retirees born after the 20th will need to wait until the next payment date on October 23, 2024.
| Payment Date | Eligibility Criteria | Amount Example |
|---|---|---|
| October 16, 2024 | Birthdays from 11-20, no SSI, post-May 1997 retiree | Average: $1,920/month |
| October 23, 2024 | Birthdays from 21-31 | Maximum: $4,873 if qualified at 70 |
Future Payments
The final October payment will arrive on October 23, 2024, for retirees with birthdays between the 21st and 31st. If you received a Social Security check earlier this month on October 3, your next payment will arrive on November 1, 2024. This early payment happens because November 3 falls on a Sunday.
Maximum Amounts
While the average Social Security payment for October is $1,920, some retirees qualify for the maximum benefit of up to $4,873. To get the highest possible amount, you must have delayed retirement benefits until age 70, among other conditions.
Final Thoughts
If you were hoping for the 2025 COLA adjustment in your upcoming payment, you’ll need to wait a little longer. The good news is that SSI recipients will see the increase in their December 31, 2024, payment. Retirees receiving Social Security benefits will have the COLA applied to their January 2025 check. Until then, October payments will continue reflecting the 2024 COLA increase of 3.2%.
FAQs
Will SSI recipients get the 2025 COLA in October?
No, they will see the increase on December 31, 2024.
When will retirees see the 2025 COLA increase?
In their January 2025 Social Security payment.
What is the average Social Security payment for October 2024?
It’s around $1,920 per month.
When will retirees born between the 11th and 20th get paid?
They will receive their check on October 16, 2024.
What’s the maximum Social Security payment amount?
It can reach up to $4,873 if you retire at age 70.