Social Security retirees who are already receiving their benefits, as well as those workers who receive disability benefits (SSDI) are already beginning to see their bank deposits on September 11, since the first round of payments for beneficiaries who have a date of birth between 1 and on the 10th of any month they received their money corresponding to the month of September.
Two more payments are about to be sent on September 18, for retirees and Social Security Disability Insurance (SSDI) recipients who have birthdays between the 11th and the 20th of any month, and on September 25, for the group of beneficiaries who have birthdays between the 21st and the 31st of any month.
No Payment for Any SSI Beneficiaries in September — Here’s Why
As you already know, SSI payments are sent every month on the first day, meaning many expected their bank deposit or paper check to arrive on September 1. But, there is a peculiarity of the Social Security Administration (SSA) calendar: the agency does not pay benefits on weekends or holidays.
Let’s see, it is not that they did not receive payment at all corresponding to the month of September, but that, since the 1st fell on a Sunday, the payment was advanced to the nearest previous business day, which was August 31. That being said, the next payment for this group will be on Friday, November 1st, but they will also receive a second payment that month which corresponds to December (December 1st is a Sunday, so it was moved ahead).
On December 31, a payment will arrive again for SSI beneficiaries that corresponds to the payment for the month of January 2024 because, as is known, January 1 is a holiday and that day is to enjoy the Rose Parade and the Bowl of the Roses.
The Next Social Security COLA Increase Could Be the Smallest in 4 Years
The good news of cooling and moderating inflation translates into bad news for retirees and other Social Security beneficiaries, as the cost of living adjustment (COLA) that is applied each year to benefits, effective January 1, 2025, will be one of the lowest in several years.
According to the latest forecast from The Senior Citizen League, the upcoming COLA adjustment could be as little as 2.5%, which will become the smallest increase in four years. Although it is far from the 3.2% in 2024 and 8.7% in 2023, the increase for 2025 will be very close to the average of 2.6% of the last 20 years.
The COLA adjustment is based on the cost of living index (CPI-W), prepared by the Bureau of Labor Statistics (BLS), and the most recent published by this state agency said that prices increased 2.5% between August 2023 and August 2024, and 0.2% between July 2024 and August 2024.
How Much Will Social Security Benefits Increase?
The COLA needs the inflation values for the third quarter of each year, that is, the months of July, August, and September. We still need to know the inflation index for that last month, which we will only know in October. The sum of those three months is compared with the sum of the same previous period. If an increase is shown, it translates into a COLA increase that will take effect as of January 1 of the next year.
If the 2025 COLA turns out to be 2.5%, that would mean the retired worker’s average monthly benefit, $1,920, would increase by $48 starting in January.
