One of the great advantages of starting to collect a Social Security check is that we can know in advance at what time of the month the United States Administration will send us the benefit money. And on the August payment schedule there is one check remaining, making it still possible to get this month’s benefit without any problems.
If you are eligible to get a Social Security payment you may already have the benefit in your bank account. If you do not have the money available, you may be able to get it in the next few days. The last day of the August payments will be the 28th, but not all Americans can collect on this day, as the payment will only reach the pockets of eligible Americans.
Last Social Security in August with the COLA 2024
Before the end of August 2024 we are going to have a chance to get a new Social Security check. However, this new check will come to only one group of United States citizens. If we are eligible to get the payment, the check may appear in the checking account on August 28th. If not, we will most likely have to claim a late payment, since there are no more checks for retirement in August 2024.
However, we must take a good look at the requirements for this new payment before claiming a back payment. In order to get the August 28th Social Security we will have to meet these requirements:
- Have a benefit since after May 1997.
- Have a birthday between the 21st and 31st of any month.
Only then will we enjoy the payment with the 2024 COLA added on the last payday of the month. Remember that August benefits are 3.2% higher than in the previous year 2023. Therefore, our benefit this year is slightly higher than in previous years. Also, in the coming year 2025 we will have another Social Security increase due to the COLA.
When will we know the 2025 Social Security COLA?
As of today, we cannot yet know when we will get the new Social Security COLA for 2025. We can know an approximate date, however, since the United States Government always announces the next year’s COLA in October.
At the moment we will have to wait until mid-October, even late October, as we sometimes know in the last few days of the month, to find out what the 2025 COLA will be. The calculation of this annual increase in Social Security checks depends on inflation in the months of July, August and September. So the CPI-W increase in these months is key to determining how much extra money we will get in the coming year.