SELECT Social Security beneficiaries should now be receiving their October check.
The payment is worth $4,873 but not every beneficiary will see it in their bank account today.
The first of three Social Security payments, worth up to $4,873, is dropping today, but the exact amount depends on several factors.
This includes your birthday, retirement age, and contributions to Social Security.
Social Security beneficiaries receive different amounts based on when they choose to retire, how much they contributed during their working years, and how long they contributed to the system.
Retiring at the earliest age of 62 caps the monthly payout at $2,710.
However, if you wait until the maximum age of 70, you can receive as much as $4,873 per month.
The SSA offers an online calculator that allows recipients to estimate how much they can expect based on their individual circumstances.
PAYMENT SCHEDULE
Social Security payments are distributed in waves, based on a retiree’s birthdate.
The first group, consisting of those born between the 1st and 10th of any month, will see their checks today.
Those born between the 11th and 20th will receive payments on October 16.
Finally, individuals born after the 21st will get theirs on October 23.
INCREASE COMING
Social Security is a critical program, with 68 million Americans expected to receive benefits in 2024.
Over one-third of beneficiaries rely on Social Security for more than half of their income, making the annual cost-of-living adjustment vital for maintaining purchasing power.
Tomorrow, inflation data for September will be released, completing the data needed to calculate the 2025 COLA.
WHEN SOCIAL SECURITY PAYMENTS ARE MADE
Social Security payments are issued on the second, third, or fourth Wednesday of each month based on the recipient’s birthdate:
- Second Wednesday: For individuals born between the 1st and 10th of the month
- Third Wednesday: For those born between the 11th and 20th
- Fourth Wednesday: For those born between the 21st and 31st
The adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Experts predict a smaller COLA for 2025, around 2.5%, due to slowing inflation.
This would raise the average monthly benefit from $1,920 to approximately $1,968.
Inflation data for July and August has already shown year-over-year increases of 2.87% and 2.35%, respectively, averaging 2.61%.
With inflation expected to slow further, many economists predict that the 2025 COLA will be one of the smallest in recent years.
The Senior Citizens League estimates a 2.5% increase, which would raise the average monthly benefit from $1,920 to $1,968, or an annual increase from $23,046 to $23,622.
