October 23, 2024 will mark a crucial day for United States retirees who get Social Security payments. On this day, Group 4 beneficiaries will be the ones to get their monthly payment, an important date for the thousands of Americans who rely on these checks to pay their bills and regular expenses. However, this will not be a run-of-the-mill payment, as it will incorporate the 2024 cost-of-living adjustment (COLA) increase, which will make payments higher than in previous years.
This COLA is part of the annual formula that adjusts Social Security payments to reflect rising prices for basic goods and services. The adjustment for 2024 has been notable for many retirees, as what represented a modest increase in previous years will now be more significant. Although there was a sizable COLA in 2023, the 2024 increase is seen as a major change that reflects current economic conditions.
It is essential to note that while this payment will be higher than last year’s, it is not an unexpected increase, but rather a normalization of the inflation adjustment. The amount retirees will get on October 23 will be the same as in the rest of the months this year, but with one key difference: it will be higher than in October 2023 due to the 2024 COLA.
Who will get Social Security on October 23?
The payment scheduled for October 23 is intended exclusively for retirees in Group 4, those whose benefits began after May 1997 and were born between the 21st and 31st of their birth month. This group is the last to get their October check, which means that for them, this will be the only payment issued within the month of October. This is unless they also have Supplemental Security Income accepted.
For clarity of thought, the requirements for the October 23, 2024 check are:
- Have a benefit after May 1997: The beneficiary must have started getting their benefits after this date.
- To have been born between the 21st and the 31st of any month: Retirees who were born between these dates of the month are those who make up Group 4.
This payment is made according to the dates scheduled by the Social Security Administration, which distributes the payments in a staggered manner during the month according to the beneficiary’s date of birth. While the above groups will have already received their payments on earlier dates, Group 4 must wait until October 23 to get their check, which will include the 2024 COLA adjustment, as with all other payments this year.
2024 COLA Social Security payments
The 2024 cost-of-living adjustment (COLA) has a direct impact on retirees, as it is a measure that ensures their benefits keep pace with inflation. Compared to previous years, the 2024 COLA represents a significant improvement in payments, which will result in a higher monthly amount for Social Security beneficiaries. This is especially important for those who rely on these payments to meet their basic needs.
Although the increase may seem minor when compared to the notable 8.7% jump in the 2023 COLA, the 2024 adjustment is still positive, considering that retirees face a rising price outlook. With a more moderate inflation rate, this COLA represents a more reasonable increase in payments, which will help beneficiaries keep up with current prices without facing major economic changes.
This October 23 payment will, therefore, be a sign of the effort by the Social Security Administration to balance payments with the nation’s economic conditions. Retirees who get this payment can take comfort in knowing that the 2024 COLA will allow them to maintain their purchasing power in a moderate inflationary environment.
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Still, it is true that the 2024 COLA, being only 3.2%, is higher than what we will see in the coming year 2025, which will reach only 2.5% increase. Be that as it may, Social Security will be sending checks to all beneficiaries so that they can enjoy their benefit.
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