A fresh batch of Old-Age, Disability, and Supplementary Support Income (SSI) Social Security benefits will be mailed out as we usher in the scary season. Millions of payments are sent each month by the Social Security Administration (SSA).
A large number of Social Security recipients depend on their monthly benefits to support themselves. This month’s payouts to some beneficiaries are expected to total nearly $4,000.
The rise in Social Security benefits will be revealed the following week
Beneficiaries are anticipating news of the new cost-of-living adjustment (COLA) statistic as 2024 draws to a close. The amount of the adjustment will determine the increase in your current Social Security benefits.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is used to determine COLA. This year, a 2.5% increase is anticipated; the formal announcement was made on October 10.
In other news, Congress has lately debated raising Social Security benefits. A new measure called the Social Security Fairness Act is being offered. Congress will shortly vote on a bill that will reverse the impacts of the existing Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) laws.
Some recipients may receive smaller payouts as a result of these laws. The goal of the proposed bill is to safeguard recipients’ payouts.
Social Security benefits rise with the amount of time you wait to apply
At the moment, the Old-Age fund’s average beneficiary gets $1,900 every month. Benefits can be claimed as early as age 62, with a maximum monthly amount of $2,710. Your monthly benefits from Social Security will increase the longer you wait to file a claim.
As of right now, if you wait until you are 70 years old, the most amount you may claim is $4,873 every month.
The most you can get if you obtain disability benefits is $3,822 a month. While the average monthly payment from SSI is $698, survivors with two children are eligible to earn $3,953 per month.
Many Americans who get Old Age and/or Disability benefits also receive SSI benefits.
Read Also: No Social Security Payment Today? Find Out When You Can Get Up to $4,873 Without the 2025 COLA Boost
Payment schedule for October
SSI payments were disbursed on the first of this month as usual. In the event that you applied for Social Security benefits prior to May 1997, your benefits should be issued today. On the other hand, if you applied for Social Security after May 1997, your benefits will be disbursed in installments based on the order of your birth.
If the payment date falls on a weekend, the dates are also changed. Because September 1st happened on a Sunday last month, SSI payments for September were instead made on August 31st.
The following schedule will be followed for beneficiaries who sought non-SSI benefits after May 1997 in order to determine their payments:
| Payment Date (Wednesday) | Beneficiary’s Birth Date |
| October 9th, 2024 | 1st – 10th |
| October 16th, 2024 | 11th – 20th |
| October 23rd, 2024 | 21st – 31st |
In addition to the Social Security Fairness Act, Congress is also contemplating further reforms to Social Security. It is anticipated that the Old-Age fund will run out by 2033.
In order to prolong the life of the fund, lawmakers are being urged to either raise Social Security levies or lower payment costs. In the event that the fund reached its zero point and ran out, beneficiaries would still get payments, albeit at a discount of more than 20%.
During the next presidential term, Social Security’s future will undoubtedly be a top priority. The public’s concerns will keep Social Security a hot topic in Congress due to rising living expenses and uncertainty about the program’s future.
Via: ecoticias.com
