The arrival of your October Social Security Disability Insurance (SSDI) payment can vary depending on your birthday and when you initially began receiving SSDI benefits. The Social Security Administration schedules payment dates based on these factors, which means your payment are disbursed to different groups separately.
You’ve come to the right place if you’re looking for your payment date for the October 2023’s SSDI deposits. Additionally, it’s worth mentioning that there is another Cost of Living Adjustment (COLA) increase anticipated in 2024, but we’ll talk about that after.
SSDI Payments in October 2023: When’s My Money Arriving?
If you have been a recipient of Social Security Disability Insurance (SSDI) benefits since May 1997 or even earlier, your payment will reliably arrive on the third day of every month. That will stay steady every month, no matter what, except when that day falls in a holiday or weekend. In such case, the payment will be delivered in the previous business day.
The payment timeline for those who initiated their SSDI benefits after 1997 aligns with the Social Security payment system. Here’s a breakdown of how it’s gonna work during the current month:
- If your birthday occurs between the 1st and 10th of the month, your SSDI payment will be disbursed on the second Wednesday of that month.
- For those born between the 11th and 20th of the month, your SSDI payment is scheduled for the third Wednesday of the month.
- Individuals whose birthdays fall between the 21st and 31st of the month can expect their SSDI payment to be sent out on the fourth Wednesday of that month.
Two SSDI Payments Already Rolled Out and Two More to Come
In summary, two payments have been unwound so far this month: those who have received SSDI since before May 1997 received their payment on October 3, and those who have birthdays between the 1st and the 10th of each month received their check or bank transfer on the 11th. Moreover, two payments are coming towards the end of the month: October 18 is the magic date for those with birthdays falling between the 11th and 20th of any given month, and October 25 for those with birthdays falling between the 21st and 31st.
The SSA perform direct deposits into the beneficiaries’ banks accounts, whether it’s a checking or a savings account. Another method is the SSA’s Direct Express Debit MasterCard. This card functions much like a traditional debit card and can be used to make purchases, pay bills, or withdraw cash at ATMs. In some cases, beneficiaries may still receive paper checks, but that is a practice being used less and less over the years.
Social Security’s 2024 COLA: This Is the Final Number to Expect
In preparation for the year 2024, analysts have meticulously crunched the numbers and predicted that the Cost of living Adjustment, or COLA, will hover around 3.2%. This estimation is not arbitrary but rather the outcome of a complex process. The COLA is calculated based on the fluctuations in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This index tracks the variations in the prices of a basket of goods and services, essential for an average American household.
The 3.2% projection takes into account the rising costs of various essentials such as housing, healthcare, and food, among others. While it is a reflection of the ever-evolving economic landscape, it also underscores the importance of COLA in preserving the purchasing power and financial well-being of retirees and beneficiaries.