The Social Security Administration (SSA) is sending out payments to beneficiaries this week. Those who have a birthday between the 21st and 30th of any given month and began claiming after May 1997 will receive their payment on Wednesday, October 23. If you do not receive your monthly payment on the expected date, the SSA recommends waiting three working days before contacting the agency.
Saturdays, Sundays, and public holidays are not considered working days. Social Security benefits are paid monthly. The amount you receive depends on factors like the age you start claiming benefits and your earnings during your peak earning years.
In 2024, the maximum benefit of $4,873 is only attainable for those who retire at age 70. For those who start claiming at the earliest possible age of 62, the maximum benefit is $2,710.
Social Security payment update
As of January 2024, the average monthly benefit was $1,907. Earlier this month, benefit recipients learned their payments will increase by 2.5 percent in 2025 due to the Cost-of-Living Adjustment (COLA). COLA is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which tracks spending by working Americans.
The 2.5 percent boost means someone currently receiving $1,870 per month from the SSA could see their payments rise by about $46.80 next year, according to Mary Johnson, an independent analyst of Social Security and Medicare policy. “The 2025 COLA will be the lowest since 2021, at the same time inflated prices persist on key essentials such as housing, meats, auto insurance, and any type of service and repairs,” Johnson said in a statement. “Despite it being the lowest COLA since 2021, a 2.5 percent COLA would be considered about average.”
Experts predicted the 2025 COLA would be lower than in previous years as inflation has steadily declined following a dramatic increase in 2022.
Inflation has dropped from 3.7 percent in September 2023 to 2.3 percent in September 2024. The COLA increase for 2023 was the largest on record, with seniors having their benefits boosted by 8.7 percent following a period of high inflation driven by the coronavirus pandemic, which peaked at 9.2 percent in 2022.
