Check Your Eligibility: $1,920 Social Security Payment This Week and 2025 COLA Details
According to Vibes.okdiario, The Social Security Administration has confirmed that the 2025 Cost-of-Living Adjustment (COLA) increase will not be sent to Supplemental Security Income (SSI) recipients until December 31, 2024. However, citizens qualifying for retirement benefits will see an increase reflected in their January 2025 payments. Therefore, none of the October payments will include the 2.5% COLA increase; instead, they will contain the 3.2% increase established for 2024.
Upcoming Social Security Payments This Week
According to the Agency’s payment schedule, this week’s Social Security payment will be disbursed on October 16, 2024. To qualify for this payment, recipients must meet the following criteria:
- Cannot have received Social Security benefits before May 1997.
- Cannot be receiving SSI benefits.
- Must meet the birthday requirement.
Only retirees with birthdays falling between the 11th and 20th of the month will receive their checks on October 16. Those who do not meet the Social Security Administration’s (SSA) rules will not be eligible for this payment. For example, individuals who have been incarcerated for more than 30 consecutive days will not qualify.
Average Payment Amounts
On average, the payments issued this week will be around $1,920.
Also read: “Maximize Your Savings: Social Security Payments of Up to $4,873 Arriving Before Black Friday”
Future Payments After October 2024
For those who do not qualify for the payments on October 9 or October 16, there will be a final opportunity on October 23. While the average amounts will remain the same across all October payments, some may qualify for maximum amounts based on their filing conditions.
The maximum amount for 2024 can reach up to $4,873 if a retiree files at age 70 and meets other criteria. To receive payment on October 23, individuals must have been born between the 21st and 31st of the month.
Next Payment Schedule
Retired workers who received payments on October 3 will see their next Social Security payment on November 1. This payment will appear in bank accounts two days before the usual payday, as November 3 falls on a Sunday.
