Millions of adults across the country get retirement benefits every month from the Social Security Administration (SSA). These benefits help them keep up with inflation and pay their monthly bills.
To get retirement benefits, retirees must first meet certain standards. For example, they must start getting Social Security benefits at the full retirement age, have a good work history, and have paid into the system while they were working.
Social Security has set up a payment plan to make sure that all beneficiaries get their benefits on time. This is because the government agency has to pay benefits to over 71 million senior citizens in the United States.
This plan says that people born between November 11th and December 20th will get a new Social Security check right away.
Retirees will get a new Social Security payment today
The Social Security Administration approved the new cost of living adjustment (COLA) for 2025. This means that retirees will finally know how much their Social Security payments went up in January 2025.
People who have retired usually get $1,900 a month from Social Security, but there are other salary amounts that are available.
Individuals who retired before the full retirement age or at age 62 may be able to receive up to $2,710 per month, while those who waited until age 67 can expect to receive up to $3,822.
Not only that, but there is also a group of retirees who can get the highest benefit of $4,873 per month. However, they must first meet strict standards and have claimed benefits until they are 70 years old in order to get their Social Security payment.
Aside from these different payment amounts, the cost of living change for this year means that retirees and other beneficiaries, such as survivors, disabled people, and people who get Supplemental Security Income (SSI), will also get bigger checks starting in January 2025.
Because the COLA went up by 2.5%, people who get Social Security will get the following amounts in payments:
Retirement benefits (Plus 2.5%) | Survivor benefits (Plus 2.5%) | SSDI benefits (Plus 2.5%) | SSI benefits (Plus 2.5%) |
On average: $1,948
Age 62: $2,778 Advertisement
Age 67: $3,918 Age 70: $4,995 |
On average: $1,543 Advertisement
Individual: $1,817 2 Children: $3,744 |
On average: $1,575 Advertisement
Blind recipients: $2,655 Maximum payment: $3,918 |
On average: $715 Advertisement
Individuals: $967 Couples: $1,450 Advertisement
Essential person: $484 |
Remember that retirees may need to have paid into Social Security for at least 35 years in order to get their full pension, based on their highest taxable salary.
They might not get the whole prize if they don’t, even if they wait to claim benefits. Talking to a financial counselor or an SSA worker can help you improve your chances of getting this Social Security payment, since it can be hard to claim the $4,873 check.
When will retirees receive their Social Security payment in October?
Beneficiaries will still get their regular payments until the end of the year, even though the 2.5% COLA increase has been approved.
In line with this and the Social Security payment plan, retirees who claimed their first payment after May 1997 will get their monthly benefits in October, as long as they meet the following conditions:
On the 2nd Wednesday of the month, or October 9th. This day the SSA will send the monthly payment for all retirees who were born between the 1st and the 10th.
On the 2nd Wednesday of the month, or October 16th. This day the SSA will send the monthly payment for all retirees who were born between the 11th and the 20th.
On the 2nd Wednesday of the month, or October 23rd. This day the SSA will send the monthly payment for all retirees who were born between the 21st and the 31st.
Also see:-Important Update on SNAP Benefits in the US – Alert for Millions of Americans
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