The various Social Security benefits payments are sent once a month, except in a few exceptions where some receive two checks a month. When it comes to life as a retiree, every American who claims to be responsible for his or her finances should stay on top of annual Social Security adjustments and adjust the budget accordingly.
However, we know that with so much constant information, it can be easy to forget some important details, such as the dates benefit payments are sent and the amounts you will receive. Below, we will put together a Social Security payment schedule for the months of August to December 2024.
Social Security retirement, disability, and survivor benefits will be distributed on the second, third, or fourth Wednesday of each month, depending on the beneficiary’s day of birth (also applies to surviving beneficiaries). Beneficiaries who received benefits before May 1997 will receive their payments on the third day of each month.
First of All, the Cost of Living Adjustment (COLA) in 2024
Beginning in January 2024, approximately 66 million Americans will receive a 3.2% cost-of-living adjustment (COLA) on their Social Security retirement, disability, and/or survivor benefits. Supplemental Security Income (SSI) benefits will also be affected by this adjustment. This increase is significantly smaller than last year’s adjustment of 8.7%. The largest adjustment in history was 14.3% in the 1980s.
The 2024 cost of living adjustment (COLA) raised the total average benefit to $1,907 per month for individual retirees and $3,033 per month for couples. The average disability benefit payment will increase to $1,537 per month.
Workers with disabilities, who have a spouse and one or more children under their financial responsibility, saw an increase to $2,720 per month. Widows and widowers will receive an increase to an average of $1,773 per month. Widowed mothers with at least two children will receive $3,653 per month on average.
COLA Increase forecast for 2025
Looking ahead, the Senior Citizens League, a nonpartisan senior citizens advocacy group, forecast the COLA to be 2.63% by 2025, based on this year’s monthly inflation trends. The Social Security Administration typically announces the adjustment the second week of October, and the new rate takes effect the following January. These estimates can change each month based on the previous month’s inflation rate, and while they tend to be in line with the official rate, they are not always accurate.
Types of Social Security Benefit Payments
The first and best-known category of Social Security benefits is retirement, available to people age 62 or older who have worked a minimum of 10 years. The amount received in retirement benefits depends on your pre-retirement salary and the age at which you begin receiving benefits. Additionally, a retiree’s spouse may also be eligible for retirement benefits, regardless of whether or not they have contributed to the program.
On the other hand, those who cannot work due to a disability are entitled to Social Security Disability Insurance (SSDI) benefits as long as they have worked a certain number of years previously. The amount of work required varies depending on the person’s age, and the monthly payment depends on their pre-disability wages. SSDI may also be available to the beneficiary’s spouse.
Survivor benefits are available to widows and widowers, qualifying divorced spouses, and children of a deceased worker or retiree. The amount of the benefit varies depending on the worker’s salary and age at the time of death, as well as the age of the survivor and their relationship to the deceased. There is also an additional death benefit of $255 that is distributed to the spouse or children of the deceased retiree.
There Is Also the Supplemental Security Income(SSI)
The Supplemental Security Income (SSI) program, funded by general tax revenue, is designed to help those who have limited income and resources and cannot earn a sufficient wage on their own. Adults and children with disabilities, as well as people age 65 and older, are eligible to receive SSI benefits.
The amount they receive depends on federal and state laws, which take into account where they live, who lives with them, and their other sources of income. No work credits are required, and those with sufficient work history may be eligible for both SSI and Social Security benefits.
Social Security Payment Dates: August to December 2024
- August 2024:
- 1 de agosto: SSI (Supplemental Security Income)
- August 7: Second Wednesday (born 1 to 10)
- August 14: Third Wednesday (born from the 11th to the 20th)
- August 21: Fourth Wednesday (born from the 21st to the 31st)
- September 2024:
- September 3: Third day of the month (beneficiaries before May 1997)
- September 11: Second Wednesday (born 1 to 10)
- September 18: Third Wednesday (born from the 11th to the 20th)
- September 25: Fourth Wednesday (born from the 21st to the 31st)
- October 2024:
- 1 de octubre: SSI (Supplemental Security Income)
- October 3: Third day of the month (beneficiaries before May 1997)
- October 9: Second Wednesday (born 1 to 10)
- October 16: Third Wednesday (born from the 11th to the 20th)
- October 23: Fourth Wednesday (born from the 21st to the 31st)
- November 2024:
- 1 de noviembre: SSI (Supplemental Security Income)
- November 6: Second Wednesday (born 1 to 10)
- November 13: Third Wednesday (born from the 11th to the 20th)
- November 20: Fourth Wednesday (born from the 21st to the 31st)
- December 2024:
- 2 de diciembre: SSI (Supplemental Security Income)
- December 3: Third day of the month (beneficiaries before May 1997)
- December 11: Second Wednesday (born 1 to 10)
- December 18: Third Wednesday (born from the 11th to the 20th)
- December 24: Fourth Wednesday (born from the 21st to the 31st)