Retirees rely on social security payments as critical support, so timing is very important when planning finances. The final payment dates are out before the 2025 Social Security Administration (SSA) cost of living adjustment (COLA) goes into effect in 2024. Before the new COLA goes into effect, retirees will receive their payments on three dates that key into the retirement date.
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October Payments
The first payment in this series of payments for retirees who meet certain criteria will take place on October 3. If you started getting benefits before May 1997 when you get both Supplemental Security Income (SSI) and Social Security or you don’t fit into the typical Wednesday payment schedule, you fall into that date.
That’s why Social Security payments in October depend on your birthday; otherwise, The dates are as follows:
- October 9 for birthdays from the 1st to the 10th
- October 16 for birthdays from the 11th to the 20th
- October 23 for birthdays from the 21st to the 31st
These dates are paid in order for retirees to actually receive funds in advance of the impending COLA. That can add up and make a noticeable dent toward covering bills by the year’s end with inflation and cost of living pressures.
The SSA is making November special because it is adjusting routing schedules to avoid generating or processing payment conflicts with weekends. Rather than receiving their payment on November 3, as usual for retirees eligible for the October 3 payment, this month’s November payment arrives one day later in accordance with the November 28 holiday. It’s a little change, but it’s a nice one: Retirees can get their money before expected.
For other beneficiaries, the November payments will follow the same birthday-based structure:
- November 13 for birthdays from the 1st to the 10th
- November 20 for birthdays from the 11th to the 20th
- November 27 for birthdays from the 21st to the 31st
December Payments
As important as the December dates are, they are the last payment dates before the 2025 COLA boost. Anyone who received their November payment on the first, whether as a retiree or as a recipient of other federal benefits, will get their December payment on Dec. 3. Those with different eligibility criteria can expect their payments on:
- December 11 for birthdays from the 1st to the 10th
- December 18 for birthdays from the 11th to the 20th
- December 24 for birthdays from the 21st to the 31st
Again, you should note that the December 24 payment has been moved forward one day to not coincide with the Christmas holiday. It will be the last payment before the COLA increase for 2025 is applied to benefit checks.
Preparing for the COLA Boost
Interestingly, the Senior Citizens League is projecting a 2.5% COLA increase in 2025 for retirees. The Social Security benefit adjustment tied to inflation helps Social Security recipients keep up with soaring costs of goods and services. The increase won’t completely make up for inflation for everybody, but it’s an important change for many retirees who must live on fixed incomes.
Maximizing Your Benefits
You have to address the payment schedule when you tackle your monthly finances. The SSA adjusts its payments to make sure that people get them prior to the big dates, such as holidays and weekends. You need to keep up to date with happenings to anticipate future spending.
Remember that the SSA allows us to track our payments online and to make sure everything goes on as planned. If you’re on top of these dates, you can be sure to have no surprises and get the most out of your Social Security benefits.
The aim is that, over time, these scheduled payments provide retirees adequate financial stability in the months prior to the 2025 COLA increase. Knowing when your payments are going to arrive helps you with budgeting through the holidays and more.
FAQs
Q. When is the last Social Security payment for 2024?
A. The last COLA payment before next year’s one is December 24.
Q. Will there be an increase in Social Security benefits in 2025?
A. True, in 2025 you’ll see a 2.5% COLA increase.
Q. Why is November’s payment early?
A. To fit in with the weekend, November’s payment will go out on November 1 instead.