If you retired before 1997 and receive Social Security benefits, it’s important to understand the upcoming payment schedule for the remainder of 2024, especially as we approach the 2025 Cost-of-Living Adjustment (COLA) changes. Here’s a breakdown of what you need to know about your Social Security payments before the new COLA adjustment kicks in.
Remaining 2024 Payment Dates for Pre-1997 Retirees
For retirees who began receiving Social Security benefits prior to 1997, payments are generally issued on the second Wednesday of each month. In 2024, these payments continue to follow that schedule until the end of the year. Here’s a look at the remaining payment dates for the rest of the year:
- September 11, 2024
- October 9, 2024
- November 13, 2024
- December 11, 2024
These dates represent when your Social Security payment will be made. As always, the actual day the payment reaches your account may vary depending on your bank’s processing times.
What to Expect from the 2025 COLA Increase
As we approach 2025, many Social Security recipients, including those who retired before 1997, will see an increase in their payments due to the annual COLA adjustment. The COLA is typically announced each year in October, based on inflation data. For 2025, retirees can expect their monthly benefits to increase, though the exact percentage won’t be confirmed until the official announcement is made. This adjustment is meant to help beneficiaries keep up with rising costs of living, particularly in periods of higher inflation.
How the COLA Adjustment Affects Payments
The COLA adjustment will be applied to your monthly benefit beginning in January 2025. This means that the payments you receive in the months leading up to the COLA increase (like those in September through December 2024) will remain at their current level. Once the adjustment is made, you’ll see a boost in your Social Security check.
What This Means for Pre-1997 Retirees
If you retired before 1997, you may already be accustomed to a fixed schedule for your payments (issued on the second Wednesday of each month). However, with the COLA adjustment arriving in early 2025, you can expect a noticeable increase in your monthly benefits starting in January. This adjustment helps counterbalance inflation and ensures that retirees’ benefits maintain their purchasing power.
Planning for the Rest of 2024
While the COLA increase won’t take effect until 2025, it’s still important to keep track of your Social Security payments for the remainder of 2024. By noting the payment dates and understanding when the COLA adjustment will impact your benefits, you can plan ahead for the upcoming year. Make sure to review your budget and account for the increase in income starting in January 2025.
Conclusion
For retirees who began collecting Social Security benefits before 1997, the remaining payments for 2024 will follow the usual schedule. Keep in mind that the 2025 COLA increase will bring a boost to your benefits starting in January, but for now, your payments will remain at their current level. Stay informed about the payment dates and the upcoming COLA changes so that you can manage your finances effectively in the year ahead. If you have any questions about your payments, the Social Security Administration is always available to assist you.
