As we head into October, retirees are preparing for their Social Security payments, while eagerly awaiting the 2025 Cost of Living Adjustment (COLA) announcement. Many have already received their September payments, but if you’re still waiting, don’t worry. The Social Security Administration (SSA) recommends giving it up to three mailing days before reaching out about a missing payment.
With October payments on the horizon, here’s what you need to know about when to expect your Social Security money, how the COLA will affect future payments, and what key dates to keep in mind.
October Social Security Payments
First Payment: October 3
The first round of Social Security payments for October will be sent out on October 3. This payment is specifically for retirees and Disability Insurance (SSDI) recipients who have been receiving benefits since before May 1997.
If you qualify for both Social Security and Supplemental Security Income (SSI), you’ll also receive your payment on October 3. However, the amounts will differ. SSI recipients typically receive less than retired workers. For reference, the average Social Security payment for retirees is $1,920, though higher earners could see as much as $4,873 in 2024.
Second Payment: October 9
The next wave of payments will go out on October 9, just a day before the 2025 COLA announcement. If you were born between the 1st and 10th of any month, have been receiving Social Security benefits (but not SSI), and started receiving benefits after May 1997, this will be your payment date.
It’s important to note that the October 9 payment will not reflect the COLA increase. Any changes due to COLA will only take effect starting in January 2025.
Third Payment: October 16
If your birthday falls between the 11th and 20th, and you started receiving benefits after May 1997, your payment will be deposited on October 16. This will also be your regular Social Security payment for October, without the COLA adjustment.
Fourth Payment: October 23
For retirees born between the 21st and 31st, and who applied for Social Security after May 1997, your payment will be deposited on October 23. Like the other October payments, it won’t include the COLA increase.
Upcoming COLA Announcement
The 2025 Cost of Living Adjustment (COLA) will be officially announced on October 10, 2024. COLA is important because it adjusts Social Security payments to keep up with inflation, ensuring that retirees’ benefits maintain their purchasing power over time.
However, the COLA increase won’t apply to October payments. Instead, the first checks reflecting the new COLA amount will be sent out in January 2025. The actual date of your first COLA-adjusted payment will depend on your birthday and benefit schedule. Retirees and SSDI recipients will receive their updated payments on January 3, 8, 15, or 22.
For SSI recipients, the COLA-adjusted payments will be sent on December 31, 2024.
Key Dates for Social Security Payments in October
Here’s a quick recap of the important payment dates for October:
| Payment Date | Who Receives Payment |
|---|---|
| October 3 | Retirees and SSDI recipients who have been receiving benefits since before May 1997, and those who qualify for both Social Security and SSI. |
| October 9 | Retirees born between the 1st and 10th, excluding SSI recipients and those who began receiving benefits before May 1997. |
| October 16 | Retirees born between the 11th and 20th, who applied for benefits after May 1997. |
| October 23 | Retirees born between the 21st and 31st, who applied for benefits after May 1997. |
How the 2025 COLA Will Affect Your Payments
The Cost of Living Adjustment (COLA) is a significant factor for Social Security beneficiaries. Each year, the SSA adjusts payments to account for inflation, ensuring that benefits keep pace with the rising cost of goods and services.
For 2025, the COLA increase will be announced on October 10, but retirees won’t see the effects until January. For most recipients, this increase will be reflected in the first payment of the new year.
If you’re receiving retirement benefits or SSDI, your COLA-adjusted payments will start in January 2025, with the exact payment date depending on your birthdate. For those receiving SSI, the first payment reflecting the COLA increase will be sent out on December 31, 2024.
2025 Payment Dates
It’s important to stay informed about your payment schedule, especially with the COLA increase coming in 2025. Knowing the exact dates of your payments can help you plan your finances and budget more effectively.
Here’s a reminder of when you can expect your COLA-boosted payments:
- SSI recipients: First COLA-adjusted payment on December 31, 2024.
- Retirement and SSDI recipients: Payments on January 3, 8, 15, or 22, depending on your birthdate and payment schedule.
Conclusion
Being aware of the timing of your Social Security payments is crucial for managing your retirement finances. Whether you’re receiving your check on October 3, October 9, or waiting for January to see the effect of the COLA increase, staying informed will help you plan effectively.
Remember to check for the COLA announcement on October 10, and be prepared for the updated payments starting in January. By keeping track of these important dates and understanding how the Cost of Living Adjustment works, you can ensure that your financial planning stays on track.
FAQs
1. When will the COLA increase be announced?
- The COLA increase will be announced on October 10, 2024.
2. Who receives the October 3 Social Security payment?
- Retirees or SSDI recipients who began receiving benefits before May 1997.
3. What should I do if I haven’t received my September payment?
- Wait for up to three mailing days before contacting the SSA to report a missing payment.
4. Will the COLA apply to October payments?
- No, the COLA will be applied to payments starting in January 2025.
5. How much do retirees typically receive in Social Security?
- The average retired worker receives about $1,920, while high earners can receive up to $4,873.