Why Americans Received Extra Social Security Today
Americans who receive SSI or Social Security payments will get a bonus check today because October 1 falls on a Saturday.
Social Security payments typically come out on the first of the month, but since October 1 is a Saturday, recipients will instead receive their payment on Friday, September 29.
This is the third time this has happened this year, with the first two being in March and June. It will also occur again in December.
Recipients will not receive another check until November, as two checks will be dispersed in September.
Social Security benefits depend on multiple factors, such as work history
and the age someone began collecting.The more credits earned over the course of employment, the more benefits received.
The later one collects benefits, up to age 70, the more benefits they will receive.The average Social Security benefit for retirees is approximately $1,838.
In October, the SSA will announce seniors' cost of living adjustment (COLA).
According to policy groups, the COLA will be 3.2 percent, which is an increase of 3 percent from their August prediction.
Due to a cooling of inflation amid other factors, the COLA pales in comparison to the current 8.7 percent retirees receive.