First round of October Social Security payments worth $4,873 set to drop in hours

THE first round of Social Security Disability Insurance payments is set to be distributed in mere hours.

The exact timing of your payment depends on several factors, but the month’s first round is right around the corner.

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SSDI is a program administered by the Social Security Administration that provides monthly payments to individuals whose disabilities limit or prevent them from working.

Depending on the individual’s situation, others may qualify for SSDI as well.

For October, some payments are reaching as high as $4,873.

PAYMENT SCHEDULE REVEALED

For those who have been receiving SSDI since May 1997 or earlier, payments are typically deposited on the third day of each month.

However, exceptions arise when the third day falls on a weekend or holiday, in which case payments might be issued earlier.

For instance, earlier this year in March, recipients received their payments two days ahead of schedule.

If you began receiving SSDI after May 1997, your payment date is determined by your birthdate.

These payments are distributed on the second, third, or fourth Wednesday of the month, depending on when your birthday falls.

Here’s the schedule for October payments:

• Recipients who have been receiving SSDI since before May 1997 will have their payment on October 3.
• If your birthday is between the 1st and 10th of the month, your payment is due on October 9.
• For those born between the 11th and 20th, payments will be issued on October 16.
• If your birthday falls between the 21st and 31st, expect your payment on October 23.

IF YOU HAVEN’T GOTTEN YOUR PAYMENT

If you suspect your payment from last month is missing, here are a few things you can do.

First, confirm the payment date to ensure your payment is truly late.

Sometimes, payments are delayed by a day or two, so it’s worth waiting a little longer.

If the payment still hasn’t arrived, contact the Social Security Administration for assistance, either through their helpline or by visiting a local office.

REMAINING SOCIAL SECURITY SCHEDULE

Here is the reminaing Social Security schedule for 2024:

• October
  • 9
  • 16
  • 23
• November
  • 13
  • 20
  • 27
• December
  • 11
  • 18
  • 24

RISE AROUND THE CORNER

Each year, the SSA calculates the cost-of-living adjustment based on inflation data from the third quarter.

This is determined using the CPI-W, a subset of the Consumer Price Index.

The Bureau of Labor Statistics will release the final inflation data for September on October 10, after which the SSA will announce the 2025 COLA.

For 2025, retirees should expect a 2.5% increase, lower than recent years but still above the 20-year average of 2%.

The final COLA depends on September’s inflation data, with a range of outcomes between 2.1% and 2.4% year-over-year growth.

Although the increase may seem small, it reflects the cooling of inflation after years of higher rates.

Retirees looking to improve their benefits have limited options.

Some may delay benefits to increase future payments, while others may need to reduce expenses or move to more affordable locations.