Get ready, social security recipients – a unique stretch of checks is coming your way! Thanks to an interesting quirk in the 2024 and 2025 calendars, there will be some changes to the usual delivery of your checks. But don’t worry, this change means you’ll actually be getting more money!
Starting in November, instead of receiving your usual one check, you’ll be receiving two. This is because Supplemental Security Income recipients typically receive their checks on the first of each month. However, if the first of the month falls on a holiday or weekend, the checks are delivered on the previous weekday. So, in November, you’ll be getting a second check at the end of the month.
But that’s not all. In December, the first of the month falls on a Sunday, which means checks for the month of December will be delivered on November 29th. Don’t worry, this doesn’t mean there won’t be any checks in December. In fact, there will be more changes to check delivery for the following months as well.
From January to March, each start of the month falls on either a holiday or a weekend. This means that for these months, checks will be delivered on different dates than usual. In January, checks will be delivered on December 31st, in February on January 31st, and in March on February 28th. But don’t panic, there will be no checks delivered in March before things return to normal in April.
Now, let’s talk about some more good news for social security recipients. On October 10th, the Social Security Administration announced a 2.5% cost-of-living adjustment for benefit payments for millions of retired Americans. This means that your checks will be slightly higher to help keep up with the cost of living. Additionally, the agency also announced a higher threshold for earnings subject to Social Security payroll taxes. This means that you may be able to earn more money without having to pay additional taxes.
This is all part of the annual cost-of-living adjustment, or COLA, which is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers. This index measures changes in the cost of goods and services and is used to determine the increase in social security payments each year. The 2.5% increase is the largest since 2012 and is expected to help millions of retirees keep up with the rising cost of living.
But why stop there? The Social Security Administration is also making another change that will benefit social security recipients. The taxable maximum, also known as the wage base, is increasing. This means that you can earn more money without having to pay any additional taxes. This is great news for those who continue to work while receiving social security benefits.
It’s important to note that these changes are not only beneficial for social security recipients, but also for the economy as a whole. With more money in the hands of retirees, this can help stimulate spending and boost the economy.
So, what does this all mean for you? It means that you’ll be receiving more money through your social security checks. It means that the cost of living will be a little easier to keep up with. And it means that you can earn more money without having to worry about additional taxes. These changes are a result of the Social Security Administration’s commitment to ensuring the well-being of social security recipients and the economy.
In conclusion, social security recipients can look forward to a unique stretch of checks starting next month. With an extra check coming in November and changes to check delivery in the following months, you’ll be receiving more money to help with the cost of living. And with the annual COLA and increase in the taxable maximum, your financial situation is looking even better. So, sit back, relax, and enjoy the extra money coming your way.
