The Social Security Administration (SSA) is preparing new pack of benefit payments, including pensions, Supplemental Security Income (SSI), and Social Security Disability Insurance (SSDI). In the month of September, payments do not begin on the 1st, as is usual in most months. On that first day, SSI beneficiaries receive their payments, but this month a peculiarity of the SSA calendar happens.
The fact is that the agency does not make payments on weekends or holidays, and September 1st was a Saturday. That’s why the SSA advanced the payment to the nearest business day, which was August 30. All that said, the next payment for this group of beneficiaries will be on October 1, and the next after that on November 1. In fact, in that month an advance payment will arrive for SSI recipients on the 29th, corresponding to the month of December.
September 11 Will Be the Next Social Security Payment
Those who receive Social Security payments since before May 1997, or who receive both Social Security retirement and SSI, have already received their payments: Social Security was sent yesterday, September 3, and SSI on August 30.
Moving forward with payments, retirement and SSDI benefits are sent together, grouped into three main groups that receive their bank deposits or checks in the second, third, and fourth month of each month, as explained below:
- Wednesday, September 11: For beneficiaries born between the 1st and 10th of any month.
- Wednesday, September 18: For beneficiaries born between the 11th and 20th of any month.
- Wednesday, September 25: For beneficiaries born between the 21st and 31st of any month.
The Social Security COLA Increase Expected for 2025
The 3.2% increase in the Cost of Living Adjustment (COLA) for 2024 provided a modest increase in Social Security benefits, but concerns remain about its adequacy due to current inflation.
Social Security benefits have been a financial mainstay for more than 71 million Americans, including retirees, veterans and their dependents. The COLA, created in 1973 and applied annually since 1975, is intended to help these payments adjust to inflation, thus protecting the purchasing power of beneficiaries in the face of rising costs of living.
Although the COLA increase projections for the year 2025, made by The Senior Citizens League, predict an increase of only 2.57%, which could result in an average increase of $50 per month. However, this increase may not be enough to cover the financial needs of retirees.
In addition to this, a possible increase in Medicare Part B premiums is expected, which could negate the benefit increase provided by the COLA adjustment.
Social Security Beneficiaries Have Lost $370 of Purchasing Power
According to another TSCL analysis, on the loss of purchasing power in 2024, in order to maintain the same standard of living as in 2010, older people could need up to an additional $370 per month. As already intuited, the COLA increase will be insufficient, even if it occurs in the context of cooling and decreasing inflation.
