Last 3 Social Security retirement payments before the 2025 COLA increase arrives
The Social Security Administration (SSA) has announced the final retirement benefit payment dates for 2024. Retirees will still receive payments on three different dates before the 2025 Cost-of-Living Adjustment (COLA) takes effect. Knowing these dates is crucial for financial planning in the coming months.
October Payments Before the 2025 COLA Increase
For those qualifying for the October 3 payment, you must meet one of two criteria set by the SSA:
- You started collecting retirement benefits before May 1997.
- You receive both Supplemental Security Income (SSI) and Social Security benefits.
If you do not qualify for retirement payments on the second, third, or fourth Wednesday, you can still receive benefits based on your birth date:
- October 9, 2024: If your birthday is from the 1st to the 10th.
- October 16, 2024: If your birthday is from the 11th to the 20th.
- October 23, 2024: If your birthday is from the 21st to the 31st.
November and December Payments Before the 2025 COLA
November payments bring significant changes for retirees eligible for the payment on October 3. Instead of being sent on November 3, these payments will arrive early on November 1, 2024. The December payment will still be issued on the third, with no changes to the schedule.
For those who qualify based on their birth dates in October, payments will be sent out as follows:
- November 13, 2024: Birthdays from the 1st to the 10th.
- November 20, 2024: Birthdays from the 11th to the 20th.
- November 27, 2024: Birthdays from the 21st to the 31st.
For those who do not qualify for the October 3 payment, the December payment dates are:
- December 11, 2024: For the 1st to the 10th.
- December 18, 2024: For the 11th to the 20th.
- December 24, 2024: For the 21st to the 31st.
Key Holiday Payment Information
It’s important to note that the December 25 payment will be issued one day early, on December 24, 2024, due to the Federal holiday. This will be the last payment before the expected 2025 COLA increase.
Projected COLA Increase
The latest projections from the Senior Citizens League suggest a potential COLA boost of approximately 2.5%. This adjustment will help retirees manage rising living costs and maintain their purchasing power in the upcoming year.
By staying informed about these payment schedules and anticipated changes, retirees can better prepare for their financial needs as 2024 comes to a close.
