We now know when your checks from Social Security will go up again. As many retirees had hoped, it is not as big and juicy as they thought it would be.
On the plus side, you will not have to deal with as many big rises. In the coming months, the Social Security Administration (SSA) will continue to send you a number of payments.
How do you know when to expect your Social Security checks?
If you want to join a Social Security program like Old Age, Survivors, and Disability Insurance (OASDI) or have been a member for a long time, you should know how Social Security will schedule your payments.
Of course, the most basic reason is to make a plan for your money. Being aware of when your cash will arrive can help you divide it up into different bills.
One of the first things you should understand is that the program in which you join determines the date of your payment.
The Social Security Administration (SSA) puts out a Payment Schedule every year that you can look over to get a sense of what is going on in general.
But sometimes it can be hard to tell the difference between the payments for different programs, especially during the last few days of this month when the colors are so similar.
The Social Security Administration (SSA) splits Social Security benefits into groups based on different factors. First, there is when you start to get benefits from them. May 1997 is a very important date.
On that date, all retirees and beneficiaries who started getting money before that date will get their Social Security checks at the same time, no matter what program they are in.
This sharing will happen on the third of every month. People who began after the important date will have to follow a different set of rules.
People who get Supplemental Security Income (SSI) will get their payment on the first of every month.
People who get OASDI will be put into a category based on their birth date and will get their Social Security checks on different dates. This is how SSA divides the last segment:
Birth Date of the Beneficiary | When to Expect your Payment (day in the month) |
Between the first and tenth | Second Wednesday |
Between the eleventh and twentieth | Third Wednesday |
Between the twenty-first and thirty-first | Fourth Wednesday |
When can you expect the remaining Social Security checks?
For October, there are two Social Security checks you can cash. The second group of OASDI recipients (those who started getting payments after May 1997) will get the following:
Full Date | OASDI Recipient Birth Date |
Wednesday, October 16th | 11st to 20th |
Wednesday, October 23rd | 21st to 31st |
How much will you get from your remaining Social Security payments?
After hearing that SSA was going to raise the COLA by 2.5%, you might think that the rest of your October payments will also include that rise.
But the changes made to COLA to account for inflation will not be officially binding until the first payment in January 2025.
At this point, you should look at the monthly data that the Social Security Administration puts out to get an idea of how much your program usually pays. These are the average Social Security checks you will get this year:
SSA Program | Average Social Security payments in 2024 |
Retirement | $ 1,900 |
Survivors | $ 1,507 |
Disability | $ 1,537 |
SSI | $ 698 |
What do you need to be able to receive Social Security checks?
Each program has its own set of standards. To give you a general idea:
- Retirement: Contribute to Social Security Taxes until you reach 40 Social Security Credits and are 62 years or older.
- Disability: Medically declared disabled individuals who have paid enough Social Security taxes (5 out of the last ten years).
- Survivors: If a Social Security contributor dies and you are a dependent, you can request the benefit.
- SSI: For individuals aged 65 and up with little income and assets.
Leave a Reply