A boost for retirees this month
Millions of Americans have something to look forward to this week. The Social Security Administration (SSA) is about to make its monthly payments of yet another batch, and some of them will receive as much as $5,108 on Tuesday, October 15. These payments fall under the regular benefit schedule for retirees and disability and survivor beneficiaries.
For many seniors, this monthly check is a lifeline. It includes money for rent, money for groceries, medical costs, and other basics — especially as inflation continues to drive prices upward nationwide. The Oct. 15 payment will be issued to one group of recipients, based on their birthdays and the individual benefit they receive.
Who Will Be Paid on Oct. 15?
Social Security benefits are distributed in four groups based on when the recipients were born. Birthday babies between the 11th and 20th of any given month will receive their checks on the 15th of October.
If you were born between the beginning of this month (1st to 10th), chances are you were already paid on October 8. Conversely, recipients who were born between the 21st and the 31st will be paid on October 22.
Retirees who have been receiving Social Security benefits since before May 1997 — and those also receiving Supplemental Security Income (SSI)—already received their payment on October 3.
Read this later: If you invested $1,000 in Eli Lilly 5 years ago, here’s how much you would have today
How much will you get?
The size of each person’s Social Security benefit is determined by a variety of factors—mainly their work history, the age at which they started collecting benefits, and their earnings record.
The typical retiree receives around $1,915 a month.
For married couples both receiving benefits, the combined average payment is approximately $3,033.
Those who delayed retirement until age 70 might receive as much as $5,108, the highest payable in 2024.
Disability or survivor benefit recipients will receive different amounts depending on the benefits they are qualified for. The SSA increases these amounts each year by inflation — an increase known as the Cost-of-Living Adjustment (COLA).
COLA Increase Coming Soon
Although October payments are based on 2024 levels, there is also good news ahead. The Social Security Administration will announce the 2025 COLA increase later this month. The rise will determine how much additional beneficiaries will get starting from January 2025.
Analysts predict an increase of somewhere between 2.6% to 3.2%, which would raise the average payment by roughly $50 to $75 per month. The official news typically follows soon after the Consumer Price Index (CPI) numbers for September are released.
Read this later: What is umbrella insurance — and why it might be right for you
How to track your payment
If you’re expecting payment in October 15, checking your status couldn’t be easier. You just need to log in to your my Social Security account on the SSA website. There, you’ll be able to view your benefit statement, payment history, and deposit dates.
For people who receive paper checks instead of direct deposit, the SSA recommends waiting a few days for the mail. If you don’t receive your payment within three mailing days after the date of payment, you should call the SSA immediately.
A reminder about taxes and other financial news
While Social Security recipients wait for their checks in October, the IRS also wants you to remember that October 15 is the deadline to file the 2023 tax returns if you requested an extension earlier this year. Some taxpayers – including victims of natural disasters – have additional time to file.
Meanwhile, elsewhere in finance reports, the IRS recently announced nine changes to taxes that are expected to boost next year’s refunds, and states like Colorado are proposing new payments under TABOR of $1,130 for eligible residents in 2025.
Read this later: If you invested $1,000 in Amgen 10 years ago, here’s how much you would have today.
A silver lining for most Americans
For millions of seniors, this week’s Social Security check will be a welcome comfort and relief. With an age of rising costs and economic uncertainty, knowing one can see that money go into the bank — especially for those receiving the maximum $5,108 — is welcome news.
Read this later: Good news for two million borrowers – Student loan forgiveness is available again with a deadline of October 21
“It’s not money — it’s peace of mind,” said one retiree.
