Social Security Payments for October 2024: Key Dates and Benefit Increases

This week, certain recipients of Social Security benefits will receive their payments, with the disbursement dates dependent on the recipient’s birth date. For October, individuals whose birthdays fall between the 1st and 10th will receive their payments on the second Wednesday of the month, while those born between the 11th and 20th will receive theirs on the third Wednesday.

Specifically, for this week, beneficiaries whose birthdays are on any day of the month and who began claiming benefits after May 1997 will have their payments issued on Wednesday, October 23. This includes retirees who could receive up to $4,873 if they filed for benefits at the age of 70 in 2024.

The Social Security Administration (SSA) manages these payments, which are part of the approximately $1.5 trillion in total benefits disbursed annually. The amount of retirement benefits varies based on factors such as the age at which benefits are claimed and the individual’s earnings during their highest income years. For example, the maximum monthly benefit for 2024 is $4,873 for those retiring at 70, while the highest benefit for those retiring at 62 is $2,710.

In addition to the current payments, beneficiaries have been informed of a 2.5% cost-of-living adjustment (COLA) for 2025. This increase, calculated based on the Consumer Price Index for Urban Earners and Clerical Workers (CPI-W), means that someone currently receiving $1,870 per month could see an approximate rise of $46.80 in their payments next year.

Experts noted that this COLA increase is the lowest since 2021, reflecting the gradual decrease in inflation rates following a sharp rise in 2022. Despite this, the adjustment is seen as fairly typical given current economic conditions.