All American retirees have excellent news this month: they will soon start receiving their first raise in retirement payments.
Americans who are eligible for the Supplemental Security Income (SSI) and retirement, survivor, and disability insurance (RSDI) programs receive monthly benefits from the Social Security Administration (SSA), a federal agency. These initiatives are crucial for giving survivors, retirees, and individuals with disabilities financial support.
Social Security has confirmed the new retirement benefit that will benefit more than 64 million beneficiaries
According to the SSA, the official end of 2024 will occur in January 2025, when all eligible recipients will begin collecting their increased retirement payments.
This increase is included in the annual cost-of-living adjustment (COLA), which is set at 2.5% for this year. The COLA is intended to help recipients manage inflation-driven price increases while maintaining their purchasing power.
The 2.5% increase will result in monthly Social Security payments for beneficiaries ranging from $715 to $4,995 depending on their qualifying and payment information.
This modification is meant to help beneficiaries keep up with their basic spending while adjusting to the rising cost of living.
For many Americans who rely on Social Security benefits to ensure they can maintain financial security in the following year, this COLA increase is essential. To make sure that beneficiaries can adjust to the changing economic environment, the SSA must be modified.
In the upcoming days, retirement benefits will rise by 2.5 percent.
In less than twenty-four hours, Social Security recipients will start to receive their increased retirement income. This includes retirees, survivors, and Americans with disabilities who started receiving benefits prior to May 1997.
Following this initial payment, further OASDI beneficiaries will receive checks from the Social Security Administration on the second, third, and fourth Wednesdays of each month, contingent on specific qualifying requirements.
Beneficiaries will receive their boosted checks on time thanks to the payment schedule, which ensures that each group will be paid on the designated Wednesday.
The official Social Security payment schedule is available to beneficiaries who wish to find out the exact date of their payment.
The confirmed payment dates for retirees who made their benefit claims prior to May 1997 are listed here, along with the staggered schedule for those who made their benefit claims after May 1997:
- On the third day of the month (January 3rd), for retired workers who claimed their first benefit before May 1997
- On the 2nd Wednesday (January 8th), for retired workers whose birthdates fall between the 1st and the 10th
- On the 3rd Wednesday (January 8th), for retired workers whose birthdates fall between the 11th and the 20th
- On the 4th Wednesday (January 8th), for retired workers whose birthdates fall between the 21st and the 31st
In order to keep up with inflation and pay for their basic retirement needs, pensioners will receive an additional 2.5% boost from the cost of living adjustment.
The Social Security Administration estimates that monthly benefits for retirees will average $1,948. Additionally, pensioners who applied for retirement benefits at age 62 or before the full retirement age (FRA) may get up to $2,778 per month, while those who waited until they were 67 years old could receive up to $3,918.
Last but not least, pensioners who choose to postpone benefits until they are 70 will get larger payouts; their checks could total $4,995 each month.
How much money will survivors, disabled individuals, and SSI recipients receive in the coming days?
Other beneficiaries, including survivors, those with disabilities, and those receiving Supplemental Security Income (SSI), will receive the following payment amounts because Social Security provides payments after retirement:
| Survivor benefits | SSDI benefits | SSI benefits |
| On average: $1,543
Individual: $1,817 2 Children: $3,744 |
On average: $1,575
Blind recipients: $2,655 Maximum payment: $3,918 |
On average: $715
Individuals: $967 Couples: $1,450 Essential person: $484 |