During the month of October we can get a new Social Security check with a higher amount than previous years. This makes it possible for United States citizens to effectively combat everything related to inflation. However, it is true that this is not the only change we will encounter in October 2024 regarding retirement checks.
The most important thing in everything related to Social Security is to know at all times when we are going to get our payment and how much we will get. So just by keeping all of this in mind we are going to discover in a straightforward way our budget through retirement and we will be able to know all the changes related to the check in the coming months.
Social Security Changes in October 2024
There are two main changes that we will be able to for Social Security within the month of October. The changes are:
- Maximum amounts increased from the October 2023 check. Social Security benefit payments in 2023 were lower than in October 2024, since this year’s COLA is added.
- The 2025 COLA will be announced later this month. We don’t have an exact day yet, but we may have the announcement of the new COLA for next year’s checks by the middle of the month.
So, this is important for all citizens with a Social Security benefit, as it directly affects retirement checks. This means that as soon as 2025 begins, we will be able to enjoy a larger retirement check, as well as a new Supplemental Security Income payment with new amounts.
It is true that specialists talk about the 2025 COLA as a 2.5% increase, but everything will depend on what the United States Government and the Social Security Administration finally announce.
October 2024 Social Security Payment Schedule
The Social Security Administration will send out Social Security payments on different days of the month. Each payment day will be for a different group of retirees, so be sure to check the requirements for each day so you know when you can get your check.
- Oct.1: Supplemental Social Security payments for all Supplemental Security beneficiaries.
- Oct. 3: Pensioners with pre-May 1997 benefits collect.
- Oct. 9: Retirees with post-May 1997 checks who have a birthday between Oct. 1 and 10 collect on that day.
- Oct. 16: Retirees with post-May 1997 checks with a birthday between the 11th and 20th collect on this day.
- Oct. 23: Retirees with checks after May 1997 with a birthday between 21 and 31 collect on this day.
Remember, if you activate Direct Deposit, you can get your check on the same day it is sent, and the type of retirement or amount received does not affect the day we collect each of your Social Security checks.