The first Social Security payments reflecting the 3.2% COLA are on their way. When you receive your payment, with a few exceptions, is based on your date of birth. If your payment date falls on a federal holiday or weekend, you can expect to receive that month’s payment on the weekday immediately prior.
Do you have plans for your "raise"? We have a few smart suggestions for how you can use this extra money.
Swipe to scroll horizontally
When to expect your Social Security payment:
Payment date in January
Payment date in February
Date of birth
January 10
February 14
If you were born on the 1st through the 10th of the month, you’ll be paid on the second Wednesday of the month
January 17
February 21
If you were born on the 11th through the 20th of the month, you’ll be paid on the third Wednesday of the month
Januey 24
Feb 28
If you were born after the 20th of the month, you’ll be paid on the fourth Wednesday of the month
If you receive Supplemental Security Income (SSI) payments due to disability, age, or blindness you will receive those payments on the 1st of each month.
For others, you receive your payments on the 3rd of each month if:
You filed for benefits before May 1, 1997
You also receive a SSI payment
Your Medicare premiums are paid for by the state where you live
You live in a foreign country
How to use your increase
I understand that the price of everything has gone up and many people are scrambling to keep up. It may be that your best use of this money is to stop dipping into savings to cover your shortfalls. If you do anticipate having some money leftover I can suggest some constructive ways to use this cash.
Here are three ways you could use this additional money:
Medical emergency fund. There are procedures and medications that you may want to try that aren't fully or partially covered by Medicare. This money could fund the out-of-pocket costs you would incur
Complementary and alternative therapies. Massage, acupuncture, relaxation and deep breathing techniques, the chiropractor and herbal medicine are treatments that fall outside of standard medical care and are typically not covered by insurance policies
Self care. Self-care is linked to improved mental health, self-esteem and optimism. It means doing things to take care of yourself by engaging in activities that promote well-being and reduce stress. Consider taking a cooking class, a guided tour of your favorite museum or some yoga classes
Consider signing-up for a my Social Security account
You can use a my Social Security account to safely manage your personal Social Security information. If you are concerned about mail theft or travel often, you can opt out of mailed notices for those available online.
You can use your account to request a replacement Social Security card, check the status of an application, estimate future benefits, manage the benefits you already receive and receive updates about the COLA for 2025. This account can also be used to update your direct deposit information and get your Social Security 1099 form.
Donna joined Kiplinger as a personal finance writer in 2023. She spent more than a decade as the contributing editor of J.K.Lasser's Your Income Tax Guide and edited state specific legal treatises at ALM Media. She has shared her expertise as a guest on Bloomberg, CNN, Fox, NPR, CNBC and many other media outlets around the nation.
How to Help Your Kids Without Ruining Your Retirement
AI to Power the Next Generation of Robots
