People who get Old-Age, Disability, or Supplemental Security Income (SSI) from Social Security can expect a new round of checks to be mailed as we move into the Halloween season.
Every month, the Social Security Administration (SSA) sends out millions of checks. For many people, Social Security is their only source of cash each month. Some recipients will get more than $4,000 this month.
Social Security payments increases will be announced next week
As the year 2024 comes to a close, people who get benefits are looking for news about the new cost-of-living adjustment (COLA) number.
The amount by which your current Social Security income will go up will depend on this change. CPI-W, which is the Consumer Price Index for Urban Wage Earners and Clerical Workers, is used to set COLA.
This year, the expected rise is 2.5%, and the final word will come out on October 10th.
On a different note, Congress has recently talked about raising the retirement age for Social Security. A new bill called the Social Security Fairness Act is being considered.
It will work against the present Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) laws.
Congress is about to vote on this bill. Some beneficiaries may get less money because of these rules. The new bill is meant to protect the money that recipients get.
Social Security payments increase the longer you wait to claim
At the moment, the Old-Age fund gives $1,900 a month to the average recipient. You can start getting benefits at age 62, and you can get up to $2,710 a month.
If you wait longer to start getting Social Security, you will get more each month. The most you can get right now is $4,873 a month, but only if you wait until you are 70 years old.
If you get disability funds, the most you can ask for each month is $3,822. People who have lost a spouse and have two children can get $3,953 a month from SSI, while the average recipient gets $698 a month.
A lot of Americans who get both Disability and/or Old-Age income also get SSI benefits. As a need-based grant, SSI is given to people who do not have much or any money or resources.
Schedule for October payments
SSI payouts were made on the first of the month as usual. Benefits from Social Security that were received before May 1997 will start to be sent out today.
If you applied for Social Security after May 1997, on the other hand, your payouts will be spread out based on when you were born.
If the due date is on a weekend, the dates are also changed. Since September 1 was a weekend last month, SSI payments for that month were made on August 31 instead.
If you applied for benefits after May 1997 that are not SSI benefits, you can expect to get paid according to the following schedule:
2nd Wednesday (October 9th)- Beneficiary’s birth date: 1st–10th
3rd Wednesday (October 16th)- Beneficiary’s birth date: 11th–20th
4th Wednesday (October 23rd)- Beneficiary’s birth date: 21st–31st
Along with the Social Security Fairness Act, Congress is thinking about a number of other changes to Social Security. The Old-Age fund should run out of money by 2033.
Because of this, lawmakers need to either raise taxes on Social Security or lower the cost of payments right now to make the fund last longer.
If the fund ran out of money on Day Zero, beneficiaries would still get their money, but it would be less than 20% of what they were getting before.
There will be a lot of talk about the future of Social Security during the next president’s term. The public’s worries about rising costs of living and the length of time that Social Security will last will keep it a big issue in Congress.
Also see:-Good News for Some People Who Get SSI – In October, they will get more money
