Social Security payments are not always sent out on the same day for everyone. Some people get their benefits earlier than others.
The Social Security Administration (SSA) divides payments into different groups based on when people started receiving benefits.
This article will explain how your payments might change in November and December 2024, especially if you retired before May 1997.
What Are Social Security and SSI Payments?
Social Security payments help retirees and people with disabilities. Some people also get Supplemental Security Income (SSI) if they have limited income or assets.
These benefits help people live more comfortably in retirement or during difficult times. The timing of these payments can depend on several factors, including when you started getting benefits and whether you qualify for SSI.
November 2024 Payments: Early Due to Bank Schedules
This November, payments will be sent earlier than usual. Normally, the SSA sends payments on the 3rd of each month, but since November 3, 2024, falls on a Sunday, payments will be sent two days earlier.
Retirees who filed for benefits before May 1997 will not get another payment in November. If you are receiving SSI, your payment will be sent on November 1, 2024.
December 2024: Social Security and COLA Increase
In December, things will return to normal for most retirees. Those who retired before May 1997 will get their payment on December 3, 2024. However, there will be a major change in the way Social Security benefits are calculated.
The 2025 Cost-of-Living Adjustment (COLA) will bring a 2.5% increase to Social Security payments. This means retirees will see a small but important increase in their monthly payments, starting in January 2025.
2025 COLA Increase: How Much More Will You Get?
In January 2025, retirees will see a monthly boost of $50 in their payments. While this may seem like a small amount, it will help retirees who rely on Social Security.
Over the course of a year, this increase adds up to an extra $600, which can help cover living expenses like food, rent, or medical bills.
The timing of your Social Security and SSI payments is important for budgeting, especially with early payments in November.
The upcoming COLA increase will help boost payments starting in January 2025, though it will be a modest rise. If you are a retiree or SSI recipient, it’s important to stay informed about these changes to manage your finances effectively.
When will Social Security payments be sent in November 2024?
Payments will be sent on November 1, 2024, due to the 3rd falling on a Sunday.
If I retired before May 1997, when will I get my payment in December?
You will get your December payment on December 3, 2024.
What is the 2025 COLA increase?
The 2025 COLA increase will raise payments by about 2.5%, adding $50 a month for most retirees.
Will SSI payments be affected in November 2024?
Yes, SSI payments will be sent early on November 1, 2024, and December payments will be sent on November 29, 2024.
How much extra will I get after the COLA increase?
After the 2025 COLA increase, most retirees will receive an extra $50 per month, or $600 for the year.
