This month is a good month for retired Americans because they will soon get their first raise in retirement benefits. The Social Security Administration (SSA) is a federal agency that makes sure that people who are eligible for the Supplemental Security Income (SSI) and Retirement, Survivors, and Disability Insurance (RSDI) programs get their monthly payments.
These programs are very important for helping retired people, survivors, and disabled people with money.
Social Security has confirmed the new retirement benefit that will benefit more than 64 million beneficiaries
The Social Security Administration (SSA) said that all eligible recipients will begin getting their higher retirement benefits in January 2025. This means that 2024 will officially end. This rise is part of the cost-of-living adjustment (COLA), which is set at 2.5% this year. The goal of the COLA is to help people deal with price increases caused by inflation and keep their purchasing power.
The 2.5% increase means that beneficiaries will get monthly Social Security payments that range from $715 to $4,995, depending on how much they earn and how much they pay in. With this change, the goal is to help beneficiaries keep paying their basic bills while also adjusting to the rising cost of living.
This COLA increase is very important for many Americans who depend on Social Security benefits to make sure they can stay financially stable next year. It is important to make changes to the SSA so that beneficiaries can adapt to the changing economy.
Retirement benefits to increase 2.5% in the coming days
In less than 24 hours, people who get Social Security will start getting their bigger retirement benefits. This is for disabled Americans, survivors, and retirees who started getting benefits before May 1997.
The Social Security Administration will send checks to more OASDI recipients on the second, third, and fourth Wednesdays of every month after this first payment, as long as they meet certain requirements.
The payment schedule makes sure that each group gets paid on the designated Wednesday. This makes sure that people who are supposed to get enhanced checks get them on time.
If a beneficiary wants to know exactly when they will get their payment, they can look at the official Social Security payment schedule. The confirmed payment dates for retirees who claimed benefits before May 1997 are listed below. The schedule for retirees who claimed benefits after May 1997 is shown below.
- 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
They will get an extra 2.5% in income from the cost of living adjustment, which will help them keep up with inflation and pay for their basic needs while they are retired.
The Social Security Administration says that retirees will get an average of $1,948 a month in benefits. Also, retirees who started getting their benefits before the full retirement age (FRA), which is 62 years old, will get up to $2,778 a month.
Those who waited until they were 67 years old will get up to $3,918 a month. Finally, retirees who chose to wait to get their benefits until they turned 70 will get bigger payments—their monthly checks could reach $4,995.
How much money will survivors, disabled individuals, and SSI recipients receive in the coming days?
Since Social Security is more than just retirement benefits, the following amounts will be paid to other beneficiaries, such as survivors, disabled people, and people who get Supplemental Security Income (SSI):
| 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 |