As October 10, 2024, approaches, over 50 million Social Security retirees should take note of a key date that will impact their benefits for the coming year.
While retirees may not typically need to handle many extra tasks related to their Social Security benefits once their application is approved, this date brings a vital update that all retirees should be prepared for.
Let’s explore what this important date means for retirees, the simple steps they need to take, and how the upcoming cost-of-living adjustment (COLA) will affect Social Security benefits in 2025.
Why October 10, 2024, Matters for Retirees?
For most retirees, once they apply for Social Security benefits, there are few additional actions required.
However, it’s important to stay updated with the Social Security Administration (SSA) regarding any changes in personal information, such as a new address, bank account, or marital status. These updates help ensure there are no interruptions in your benefit payments.
One particular date to mark on your calendar is October 10, 2024. This is when the much-anticipated Social Security cost-of-living adjustment (COLA) for 2025 will be announced. Retirees can expect to find this information on the Social Security Administration’s press releases page.
Key Details for October 10, 2024
| Event | Action Needed | Where to Find Information | Date |
|---|---|---|---|
| Cost-of-Living Adjustment (COLA) Announcement | Review COLA updates for 2025 | Social Security Administration Press Release | October 10, 2024 |
| Other Potential Changes | Check for additional changes to Social Security benefits | SSA website (Press Releases Section) | October 10, 2024 |
How to Stay Informed?
To stay informed, all you need to do is visit the Social Security Administration’s website on October 10, 2024. Simply go to the press releases section at https://www.ssa.gov/news/press/releases/, and you’ll find a list of updates and announcements.
This is where the SSA will reveal how much the Social Security benefits will increase, starting in January 2025, based on the upcoming COLA.
What to Expect from the Press Release?
The main highlight of this press release will be the percentage increase in Social Security benefits due to the COLA. This adjustment is made annually to help Social Security beneficiaries keep up with inflation, and it’s an important figure for retirees relying on these benefits for their living expenses.
In addition to the percentage increase, the press release may also include information on how much the average monthly benefit will rise in dollar terms. For example, if the COLA for 2025 is set at 3%, and a retiree receives $1,500 per month, they could see their monthly payment increase by approximately $45.
Must Read: Big News for U.S. Retirees: COLA Increase Boosts Social Security Benefits!
Additional Changes to Watch For
The COLA isn’t the only update that retirees should look out for on October 10. Historically, these announcements also include details about other significant changes that will take effect in the following year. One such example is the Social Security payroll tax cap.
In previous years, the SSA has used this same press release to announce whether there will be an increase in the amount of income subject to Social Security taxes.
Why October 10th?
You might wonder why the Social Security Administration chooses October 10 for this announcement. This date aligns with the release of September’s inflation data from the Bureau of Labor Statistics (BLS).
This information is crucial because the COLA is based on the inflation rate, measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
The CPI-W is a standard measure of inflation used to determine the COLA for Social Security benefits. Essentially, as inflation rises, so do Social Security benefits. The announcement on October 10 is timed to reflect the latest inflation figures, which ensures that retirees receive the most accurate adjustment to their benefits.
Must Read: Millions of Retirees Face Surprise Social Security Change – How It Could Impact You?
What Retirees Should Do Next?
The great news for retirees is that there’s no complicated process involved in staying updated on these changes. You don’t need to fill out any forms or take action beyond reviewing the information on the SSA’s website.
Simply set a reminder for October 10, visit the press releases section of the SSA website, and read through the announcement to understand how the COLA will impact your benefits.
While you’re there, it’s also a good idea to check whether any other changes, such as the payroll tax cap or other Social Security program updates, are being implemented.
By staying informed and reviewing your Social Security benefit updates on October 10, you’ll be well-prepared for any adjustments that will take effect in 2025.
Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.