Who Will Receive the Upcoming 8.7% COLA Boost in Social Security Payments? In the near future, a substantial 8.7% Cost of Living Adjustment (COLA) in Social Security benefits is set to benefit thousands of eligible U.S. citizens.
Who Will Receive the Upcoming 8.7% COLA Boost in Social Security Payments?
Every year, all United States citizens receiving Social Security benefits witness an annual adjustment known as COLA, which brings about an increase in their financial assistance. This periodic raise is always a welcome development.
Varying COLA Rates
However, it’s important to note that not all years bring the same COLA increase. As per the recently released announcement by COLA Social Security, the COLA increase for the year 2024 will be 3.2%. While this is undoubtedly positive news, it might still fall short of expectations for many beneficiaries.
The Ongoing 8.7% COLA for 2023
Nevertheless, the ongoing 8.7% COLA increase for the current year, 2023, remains in effect. This means that each new Social Security check issued since January of this year includes the additional 8.7% COLA. Consequently, recipients can anticipate receiving more substantial payments in the coming months.
[irp]Identifying the Next Recipients in October
For those eagerly awaiting their Social Security payments in October, it’s crucial to determine which group they fall into. The following categories dictate when recipients can expect their payments:
1. Pre-1997 Beneficiaries
Recipients whose Social Security benefits are rooted in the period before 1997 can generally expect to receive their payments on the 3rd day of each month, with some exceptions.
2. Post-1997 Beneficiaries
Beneficiaries whose Social Security benefits originated after 1997 will receive their payments on one of three specific days. The exact payment day corresponds with their birthdate.
3. Payment Dates for Post-1997 Recipients
The next payment day will be the third Wednesday of the month. This day is designated for post-1997 retirees born between the 11th and 20th of any month. These are the only two criteria necessary for the Social Security Administration to release payments to this particular group.
4. Activating Direct Deposit
To ensure they receive their benefit on the designated day, beneficiaries are encouraged to activate Direct Deposit. This method guarantees that payments are delivered directly and without any unnecessary delays.
