New Social Security increase in retirees’ paychecks: When will it be announced in 2024?

As the end of the year approaches, retired workers begin to wonder how much pay they have left. Social Security Retiree Paychecks Payment increases will increase for next year. Typically, in October, the Social Security Administration announces how much payments will increase based on the cost-of-living adjustment (COLA). While last year’s increase was set at 3.2%, this year, according to projections, that percentage could be lower than expected, but beneficiaries won’t know for sure until then. Despite the final percentage, beneficiaries should stay on top of COLA updates, as this percentage will define how much money they will earn in 2025.

Cost of Living Adjustment (COLA) will not be announced until October

According to the latest projections of the Senior Citizens League (TSCL)The cost-of-living adjustment could be around 2.63%, which will be one of the lowest COLAs in recent years. Whatever the final percentage announced, beneficiaries will receive their annual boost to keep pace with inflation and preserve their purchasing power. Although the percentage will come into effect from January 2025 for all beneficiaries, there is a group of recipients who will receive their boost early.

The Social Security Administration delivers five rounds of payments each month: the first day for SSI recipients, the third day for retirees, survivors, and disabled people who applied for benefits before May 1997, and the second, third, and fourth Wednesdays for recipients who applied for benefits. Benefits of RSDI after May 1997. However, there are some months when beneficiaries may receive their benefits earlier because the regular payment date falls on a weekend or holiday.

For example, since January 1, 2025 falls on a holiday, Supplemental Security Income (SSI) recipients will receive their benefits on Tuesday, December 31. This means that SSI recipients will receive their 2025 monthly benefits, including the COLA increase, at the end of this year. After this payment, all other recipients will receive their increase. Social security payments During January.

How does the Social Security Administration deliver your monthly benefits?

To deliver monthly benefits to more than 71 million beneficiaries, the Social Security Administration designed a payment schedule based on the program beneficiaries qualify for, the date they first applied for benefits, and the day they were born. For more information on how the program works, see Social Security Payment Schedule works, remember to check the official calendar or read the information below.

• SSI Recipients. They receive your Social Security checks on the first day of the month, unless it falls on a holiday or weekend.
• Beneficiaries of retirement, survivors and disability insurance programs. They receive four rounds of payments on the following days of the month:
  • 3rd day of the month: for those who received their payments before May 1997, regardless of their age
  • 2nd Wednesday: for those who received their payments after May 1997 and were born between May 1 and May 10.
  • 3rd Wednesday: for those who received their payments after May 1997 and were born between May 11 and May 20
  • 4th Wednesday: for those who received their payments after May 1997 and were born between May 21 and May 31

How much will beneficiaries receive in Social Security checks in the coming months?

As noted below, there are different payment amounts available to everyone. Social Security Beneficiaries according to SSA guidelines for 2024. Please remember that each program has its own unique eligibility requirements process, so if you are interested in applying for monthly benefits, it is always important to check the SSA website for additional information.