Social Security to Announce Retiree Check Increase – Exact Date Confirmed for 2024

Every month, the Social Security Administration (SSA) disburses millions of payments to beneficiaries. These payments go to retired workers, disabled individuals eligible for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI), and their qualifying family members. The amount each beneficiary receives depends on various factors, including the number of years worked, Social Security taxes paid, and the age at which they retire.

For retirees, the average monthly benefit is about $1,907 for individuals and $3,303 for couples filing jointly. On the other hand, those receiving SSI benefits get an average of $943 if living alone and $1,415 if living with a spouse. These amounts are adjusted annually to keep pace with inflation, and in 2024, a 3.2% increase will be applied. If you qualify for retirement benefits or are planning to apply, it’s important to understand how these increases work and what to expect in the coming years.

Increase Announcement

Social Security benefits are adjusted each year based on the Cost of Living Adjustment (COLA). The COLA is determined by comparing the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter of the previous year with that of the current year. The percentage increase in the CPI-W becomes the COLA, which is then added to the benefits starting each January.

In July, the Bureau of Labor Statistics reported a 0.1% decrease in prices, indicating a slowdown in inflation. This slowdown could lead to a lower COLA for 2025 compared to previous years. The Senior Citizens League (TSCL), a nonpartisan advocacy group, has forecasted a COLA increase of 2.63% for 2025 based on current inflation rates. However, the SSA will not officially announce the COLA until October. Regardless of whether the final increase is 2.63% or 3.2%, beneficiaries can expect a boost in their payments beginning January 2025.

Estimated Benefit Increases

Let’s look at how the potential COLA increases might affect Social Security payments in 2025:

Retirement Age	Current Average Payment	2.6% COLA Increase	3.2% COLA Increase
On average	$1,900	$1,949	$1,961
Age 62	$2,710	$2,780	$2,797
Age 67	$3,822	$3,921	$3,944
Age 70	$4,873	$5,000	$5,029

This table illustrates the potential increases in monthly benefits depending on the recipient’s retirement age and the approved COLA percentage. The exact figures will be determined after the official COLA announcement.

Payment Schedule

Beneficiaries can expect their increased payments to begin in January 2025, following the official COLA announcement by the Bureau of Labor Statistics. However, those who typically receive their payments on the 1st of the month may see their benefits earlier due to the holiday schedule. Since January 1st, 2025, falls on a holiday, the SSA will reschedule those payments for December 31st, 2024.

Here’s what the 2025 payment schedule looks like:

Program or Date Criteria	Payment Date	Notes
Supplemental Security Income (SSI)	December 31, 2024	Payments rescheduled due to the holiday on January 1st
RSDI (Retired, Survivors, and Disabled Insurance) before May 1997	January 3, 2025	Payments on the first available business day after the holiday
RSDI after May 1997: Birthdays 1st-10th	January 8, 2025	Payments on the second Wednesday of the month
RSDI after May 1997: Birthdays 11th-20th	January 15, 2025	Payments on the third Wednesday of the month
RSDI after May 1997: Birthdays 21st-31st	January 22, 2025	Payments on the fourth Wednesday of the month

These dates ensure that all beneficiaries receive their payments promptly, even around the New Year holiday.

As you prepare for retirement or continue to receive benefits, staying informed about changes like these can help you plan your finances more effectively. Make sure to keep an eye on the official announcements from the SSA in October for the final COLA increase.

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