U.S. citizens will soon enjoy an increase in their Social Security checks, set to take effect in January 2025. This change will apply to all Social Security beneficiaries, regardless of the type of benefit they receive—whether it’s retirement benefits or Supplemental Security Income (SSI).
Every year, Social Security retirement payments are adjusted based on several factors, with inflation being the most significant. As inflation fluctuates, Social Security benefits are recalculated accordingly through the Cost of Living Adjustment (COLA). While beneficiaries won’t see changes in their upcoming checks this year, they can expect a new maximum payment in 2025.
Projected Increase in Social Security for 2025
While the exact increase for 2025 has yet to be determined, experts project that the COLA could be around 2.5%. Although not the largest increase in recent years, this reflects the current economic situation where inflation has remained steady. The Senior Citizens League, a prominent advocacy group for older Americans, suggests that this adjustment will reflect current inflationary trends.
With this anticipated 2.5% increase, the maximum Social Security benefit could rise to nearly $4,994, bringing retirees closer to receiving $5,000 per month. However, an exact figure will only be available later this year.
October 2024 Payment Schedule Released
As Social Security beneficiaries wait for the 2025 increase, they can still expect regular payments through the remainder of 2024. The schedule for upcoming payments in October is as follows:
- October 1st: Supplemental Security Income (SSI) recipients will receive their payments.
- October 3rd: Pensioners who started receiving benefits before May 1997 will get their checks.
- October 9th: Retirees with post-May 1997 benefits and birthdays between the 1st and 10th will receive their payments.
- October 16th: Retirees with post-May 1997 benefits and birthdays between the 11th and 20th will receive their payments.
- October 23rd: Retirees with post-May 1997 benefits and birthdays between the 21st and 31st will receive their payments.
Once these payments are deposited into recipients’ accounts, beneficiaries can use the funds as needed. Keep in mind that the payment method selected can impact when funds are available for use.
