Social Security recipients in the United States will have a very important day on October 23, 2024. Group 4 recipients will get their monthly payment on this day.
This is a big day for the thousands of Americans who depend on these checks to pay their bills and other normal costs.
That being said, this payment will be different because it will include the cost-of-living adjustment (COLA) increase for 2024. This will make payouts higher than they were in previous years.
This COLA is a part of the system that changes Social Security payments every year to keep up with the cost of living. For many retirees, the change for 2024 has been noticeable because what was a small increase in earlier years will now be more noticeable.
Even though there was a big COLA in 2023, the rise in 2024 is seen as a big change that shows how the economy is right now.
Important to keep in mind that even though this amount will be higher than last year’s, that is not a surprise. Instead, it is just the inflation adjustment catching up with inflation.
On October 23, retirees will get the same amount as they have every month this year. The only big change is that it will be more than they got in October 2023 because of the 2024 COLA.
Who will get Social Security on October 23?
On October 23, only seniors in Group 4 will get the payment. These are people whose benefits started after May 1997 and who were born between the 21st and 31st of their birth month.
For this group, this is the only payment they will get in October because they got their check the last day of March. They can not get this unless they also get Supplemental Security Income.
To help you think clearly, the things you need for the October 23, 2024 check are
Get a benefit after May 1997: The person who is supposed to get the benefit must have started getting it after this date.
If you were born between the 21st and 31st of any month, you are: Group 4 is made up of retirees who were born between these times in the month.
According to the beneficiary’s date of birth, this payment is made on the dates set by the Social Security Administration. The payments are made at different times throughout the month.
Even though the other groups got their checks earlier, Group 4 has to wait until October 23 to get theirs. Like all the other payments this year, it will include the 2024 COLA increase.
2024 COLA Social Security payments
For retirees, the 2024 cost-of-living adjustment (COLA) is important because it makes sure that their payments keep up with inflation. When compared to past years, the 2024 COLA is a big increase in payments.
This means that Social Security recipients will get more each month. For people who depend on these payments to meet their basic needs, this is very important.
The increase may not seem like much compared to the big 8.7% jump in the 2023 COLA, but the 2024 adjustment is still a good thing because prices are expected to keep going up for seniors.
With a more moderate inflation rate, this COLA is a more fair raise in payments that will help people keep up with prices without having to deal with big changes in the economy.
So, this payment on October 23 will show that the Social Security Administration is trying to make payouts more in line with the economy.
People who are retired and get this payment can rest easy knowing that the 2024 COLA will help them keep their buying power in a world with moderate inflation.
Still, it is true that the COLA for 2024, at 3.2%, is higher than the one for 2025, at 2.5%. That being said, Social Security will send checks to all recipients so they can get their money.
Also see:-The 2025 Social Security COLA’s Huge Silver Lining for Retirees