Belts of United States citizens are beneficiaries of Social Security every month, and this month of October will be no exception. The payments of Social Security help the financial means of hundreds of United States citizens. The Social Security Administration (SSA) makes payments to people who are already retired, over 65 years of age, people with disabilities who meet the requirements to be eligible, and survivors of applicants who have already died.
Also known as the Old Age, Survivors, and Disability Insurance program (OASDI), the benefits funded by taxes provide money to those people who would otherwise continue to struggle to survive. Its mission is to replace income lost as a result of factors such as old age, disability, or financial support attributed to a deceased spouse or parent.
Learn in Detail About the SSI
Supplemental Security Income (SSI) is an additional payment given to elderly, blind, and disabled people who do not have a good income and have low or no assets. Often, the goal of such payments is to increase the income of retirees whose OASDI pension payments may not be enough to cover all their basic needs.
Due to the large number of people who receive the benefits regularly, not all applicants can have their money wired on the same date each month. The date on which the applicant is paid is agreed upon based on different factors, including the type of benefit they receive, their date of birth, and their place of residence.
Payment Dates for the Month of October
All those people who make a request for SSI payments will receive their benefits on the first day of October. On October 3, beneficiaries of Social Security who have been requesting benefits since before May 1997 will receive their retirement checks. This date also applies to those who claim both SSI and old-age benefits.
- Those people born between the 1st and 10th of their birth month will receive their payments on Wednesday, October 9.
- Beneficiaries with birthdays between the 11th and 20th will receive their monthly amount on October 16.
- Anyone born between the 21st and 31st of any month can expect their benefit payments on October 23.
The official statement on how much the benefits will increase in 2025 will also be made in October, and the amounts will vary from December 2024 onwards. On October 10, the official announcement will be made about the adjustment of the cost of living (COLA). The increases in benefits are based on the rates of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) corresponding to the third quarter of the year (July, August, and September). The CPI-W tracks spending by U.S. workers.
All SSA programs are subject to the COLA increase. These include the following:
- Retirement benefits, including benefits for spouses who qualify based on their partner’s income
- Benefits for survivors
- Supplemental Security Income
- Social Security Disability Insurance