As the year progresses, Social Security beneficiaries begin to anticipate payments that will help them meet their basic needs. For many, these payments are essential for financial planning, especially in an economic climate where living costs continue to rise. It is important for beneficiaries to stay informed about payment dates, as these can vary and affect the management of their personal finances.
In addition, understanding how payments are structured and any changes that may occur in the schedule can provide added peace of mind, especially before adding the 2025 COLA. With the end of the year in sight, it is crucial to review the information available on remaining payments, ensuring that each beneficiary is prepared and able to maximize the use of these resources. This is to facilitate better management of finances and ensure that those who rely on this assistance have the support they need to end the year in the best possible way.
Social Security payments in the coming months
These payments will not arrive including the 2025 COLA because this increase in benefits is related to next year’s schedule. However, we will have new checks before the end of the year.
These will be the Social Security payments to watch for before the end of 2024:
- October
- October 1: Supplemental Social Security payments for all Supplemental Security recipients.
- October 3: Pensioners with benefits prior to May 1997 will be eligible for collection.
- October 9: Retirees with post-May 1997 checks who have a birthday between the 1st and 10th get payment on this day.
- October 16: Retirees with post-May 1997 checks with birthdays between 11 and 20 receive payment on this day.
- October 23: Retirees with post-May 1997 checks with birthdays between the 21st and 31st get payment this day.
- November
- November 1: Supplemental Security Income payments for all Supplemental Security Income recipients.
- November 1: Retirees with a benefit prior to May 1997 can receive this payment.
- November 13: Retirees with post-May 1997 checks who have a birthday between the 1st and 10th collect on this day.
- November 20: Retirees with post-May 1997 checks with a birthday between the 11th and 20th get payment on this day.
- November 27: Retirees with post-May 1997 checks with birthdays between the 21st and 31st get payment this day.
- November 29: December Supplemental Social Security payment. This is because December 1 is a weekend.
- December
- December 1: Pensioners with benefits prior to May 1997 can collect this payment.
- December 11: Retirees with a post-May 1997 check who have a birthday between the 1st and 10th collect on this day.
- December 18: Retirees with post-May 1997 checks with birthdays between the 11th and 20th collect this day.
- December 24: Retirees with post-May 1997 checks with birthdays between the 21st and 31st get payment on this day.
- December 31: Complementary Social Security payment corresponding to the month of December. This is due to the fact that December 1 is a weekend.
2025 COLA Forecasts for Social Security
The Cost of Living Adjustment (COLA) for 2025 is expected to have a significant impact on Social Security payments, providing additional relief to beneficiaries in a challenging economic environment. The official COLA figure will be announced on October 10, 2024, generating great anticipation among those who rely on these benefits to meet their daily needs. In theory we would get 2.5% in increases, but this is not yet official.
The maximum payments by category, which may vary depending on personal situation and type of benefit, are anticipated as follows by adding the COLA 2025:
- Disability Benefits (SSDI): $3,917 per month.
- Age Retirement Benefits: $4,994 per month
- Supplemental Security Income (SSI): $966 per month.
These figures are only projections and could be adjusted based on the official COLA figure to be revealed in October. Updating the Social Security COLA is critical to ensure that payments reflect changes in the cost of living and continue to provide needed support to beneficiaries.