People who get Social Security benefits can expect a new round of payments from the Social Security Administration (SSA) soon, since October is coming up.
People who get benefits can also get ready for the new cost-of-living adjustment (COLA) number, which will be released on October 10th. This notice tells you how much your benefit payments will go up starting in January 2025.
Social Security statistics for September 2024
There are 58.5 million Americans getting benefits from Social Security’s Old-Age and Survivors program and 8.2 million Americans getting benefits from Disability Insurance as of 2023.
Many people get benefits from both programs. A lot of people who get benefits also get money from the Supplemental Security Income (SSI) program.
When adults, children, or disabled people do not have much or any money or resources, they can get help from the SSI program based on their needs. SSI application is constantly checked because if your income changes, you may not be able to get SSI anymore.
On the other hand, the Old-Age program pays out every month no matter what your income or resources are.
October payments can be as much as $4,873
People over the age of 70 who get help from the Old-Age program can get up to $4,873 a month in October.
If you are older when you start getting social security payments, you will get more each month. It is estimated that each recipient gets $1,900 every month. The youngest person who can get benefits is 62 years old.
The average person who gets money from a Survivor fund each month gets $1,505. A disability benefit is worth $1,537 a month, while an SSI benefit is worth $698 a month.
The most a survivor with two children can get each month is $3,653, and the most a disabled person can get each month is $3,822. When a couple applies for SSI, they can get $1,415 a month.
Your payment for October will depend on your birthdate
Depending on when you claimed benefits and when you were born, Social Security funds are mailed to you. This payment will always be sent to people who get SSI on the first of every month.
Anyone who got Social Security benefits before May 1997 will always get their money on the third of every month. If you filed a claim after May 1997, funds are spread out based on your birthdate.
October 9, for those who were born between the 1st and the 10th
October 16, for those who were born between the 1st and the 10th
October 23, for those who were born between the 1st and the 10th
Social Security is an essential government program
Every month, Social Security pays for the lives of millions of Americans. The program is an important part of getting government benefits, and most people, no matter what party they belong to, support it.
The Social Security Administration (SSA) warns that Social Security payments are not enough to live on and that recipients should have planned for other sources of income. However, most beneficiaries only get money from these payments.
It is predicted that the COLA will go up by about 2.5% in 2025. The COLA has not been this low since the COVID-19 outbreak in 2020.
When the COLA number goes down, it means that the economy is starting to rebound from the huge amount of inflation that happened when the world shut down.
The cost of living is still going up, though, and many people are still worried about how they will be able to keep up with the rising costs.
Adults who are currently working should always remember to make plans for when they will quit or become disabled.
Anyone who wants a stress-free retirement and extra money in case they can not work because of something out of their control needs to make a plan to save and spend.
As you save money, experts say you should first put money into an emergency fund before you start investing in riskier things.
Also see:-Everyone who gets Social Security checks will be different in October. This is good news for seniors
