This week, Social Security recipients will receive two separate payments due to a scheduling adjustment by the Social Security Administration (SSA). Here’s a breakdown of the key details.
Who Will Receive Payments on August 28?
According to lagra da online; On Wednesday, August 28, retirement benefits will be disbursed to individuals born between the 21st and 31st of any month. This payment is the final round of retirement benefits for August, specifically for those who began claiming benefits after May 1997.
Why Are SSI Payments Coming Early?
Supplemental Security Income (SSI) recipients will receive their payments on Friday, August 30, instead of the usual date of September 1. This adjustment is made because the first of the month falls on a Sunday. The SSA ensures that payments are delivered on a weekday to avoid any financial inconvenience.
What Should You Do If Your Payment Is Delayed?
If your payment doesn’t arrive as expected, the SSA recommends waiting three business days before contacting the agency. This grace period accounts for any potential processing or banking delays.
What Are the Average Social Security Payments?
As of June 2024, the average monthly benefit for retired workers was $1,869.77. The amount varies depending on the individual’s earnings history and the age at which they began claiming benefits.
What’s the Outlook for 2025 COLA?
Looking ahead, the Cost of Living Adjustment (COLA) for 2025 is expected to be between 2.6 percent and 2.9 percent. This modest increase suggests cooling inflation, leading to slower price increases compared to recent years. The official COLA announcement is anticipated in early October 2024.
