Handfuls of Americans receive their Social Security benefits month after month, and this October is no exception. Social Security payments form the basis of the financial means of many United States citizens. The Social Security Administration (SSA) makes payments to retirees over age 65, people with disabilities, eligible people, and survivors of deceased claimants.
Also known as the Old-Age, Survivors, and Disability Insurance (OASDI) program, tax-funded Social Security benefits provide money to those who would otherwise struggle to survive. Its mission is to replace income lost as a result of factors such as old age, disability, or financial support attributed to a deceased spouse or parent.
What is the SSI Program
Supplemental Security Income (SSI) is an additional payment provided to elderly, blind, and disabled people who do not have very good income and have little or no assets. Often, the goal of such payments is to increase the income of retirees whose OASDI payments may not be sufficient to meet their needs.
This is due to the large number of beneficiaries who receive their benefits regularly; not all applicants have their money on the same date each month. The date on which the applicant is paid is determined based on various factors to be evaluated, including the type of benefit, date of birth and place of residence.
Payment Dates for the Month of October
All those who apply for SSI payments will have their benefits, the October 1. For the day October 3, those Social Security beneficiaries who have been applying for benefits since before May 1997 will receive their retirement check on October 3. This date also applies to those claiming both SSI and old-age benefits.
Those born between the first and tenth day of their birth month will receive their payment on Wednesday October 9. Applicants with birthdays between 11 and 20 will receive their monthly amount on October 16. Anyone born between the 21st and 31st of any month can count on their benefit payment for the October 23.
Increase of the Social Security Benefits
The official statement about how much the increase in benefits will be in 2025 will also be made in the month of October, and the amounts will change from December 2024 onwards. The announcement regarding the cost of living adjustment (COLA) will be made on October 10. Benefit increases are based on the Consumer Price Index for Urban Wage Earners and Clerical Employees (CPI-W) rates for the third quarter of the year (July, August and September). The CPI-W keeps track of spending by US workers.
All programs administered by SSA are subject to the COLA increase. These include the following:
- Retirement benefits, including spouses who qualify for Social Security benefits based on their partner’s income
- Survivor benefits
- Supplemental Security Income
- Social Security Disability Insurance