October 23, 2024 will be a crucial day for American retirees receiving Social Security benefits. On this day, Group 4 beneficiaries will be the ones to receive their monthly payment, an important date for the thousands of Americans who rely on these checks to pay their bills and regular expenses. However, this will not be an everyday payment as it will include the 2024 Cost of Living (COLA) increase, making payments higher than in previous years.

This COLA is part of the annual formula that adjusts Social Security benefits to reflect rising prices for basic goods and services. The adjustment for 2024 has been notable for many retirees, as what represented a modest increase in previous years will now be more significant. While there was a significant COLA in 2023, the increase in 2024 is seen as a major change reflecting current economic conditions.

It is essential to note that although this payment will be higher than last year, it is not an unexpected increase, but rather a normalization of the inflation adjustment.. The amount that pensioners receive on October 23 is the same as in the rest of the months this yearbut with one important difference: it will be higher than in October 2023 due to the 2024 COLA.

Who will receive social security on October 23?

The payment scheduled for October 23 is intended exclusively for retirees in Group 4those whose benefits started after May 1997 and were born between the 21st and 31st of their birth month. This group is the last to receive their October check, which means for them this will be the only payment made during the month of October. This is unless they have too Supplemental Security Income accepted.

For clarity of thought, the requirements for October 232024 check are:

1. Have a benefit after May 1997: The beneficiary must have received his benefit after this date.
2. Being born between the 21st and 31st of a month: Pensioners born between these dates of the month belong to Group 4.

This payment will be made according to the dates scheduled by the Social Security Administrationwhere payments are spread over the month based on the beneficiary’s date of birth. While the above groups have already received their payments on previous dates, Group 4 must wait until October 23 to receive their check, which will include the 2024 COLA adjustment, as with all other payments this year.

2024 COLA Social Security Payments

The The 2024 cost of living adjustment (COLA) will directly impact retireesbecause it is a measure that ensures that their benefits keep pace with inflation. Compared to previous years, the 2024 COLA represents a significant improvement in payments, which will result in a higher monthly payment for Social Security beneficiaries. This is especially important for those who rely on these payments to meet their basic needs.

Although the increase seems small compared to the notable 8.7% jump in 2023 COLA, the 2024 adjustment is still positive as retirees face rising price prospects. At a more moderate inflation rate, this COLA represents a more reasonable increase in payments, allowing beneficiaries to keep up with current prices without experiencing major economic changes.

This October 23 payment will therefore be a sign of the efforts of the Social Security Administration to balance payments with the economic conditions of the country. Retirees who receive this payment can take comfort in knowing that the 2024 COLA will allow them to maintain their purchasing power in an environment of moderate inflation.

Still, it is true that the COLA for 2024, which is only 3.2%, is higher than what we will see in the coming year 2025, which will reach an increase of only 2.5%. Be that as it may, Social security will send checks to all beneficiaries so they can enjoy their benefits.