In the United States, retirees on Social Security will soon receive their monthly payments. These payments are scheduled based on the retiree’s birth date.
However, the 2025 Cost of Living Adjustment (COLA) increase will not be included in these November payments.
Retirees will start seeing the 2.5% raise in January 2025. This article explains the payment schedule for November and other important details for Social Security recipients.
Social Security Payment Schedule for November 2024
The Social Security Administration (SSA) has set up a payment schedule for retirees in November 2024. These dates are based on the retiree’s birthday, and payments will be made either through direct deposit or checks. Here’s the breakdown:
- November 1: Payment for those who have been receiving benefits since before May 1997, as well as for SSI (Supplemental Security Income) recipients.
- November 13: Payment for retirees whose birthdays fall between the 1st and 10th of the month.
- November 20: Payment for retirees whose birthdays are from the 11th to the 20th.
- November 27: Payment for retirees whose birthdays are between the 21st and 31st.
2025 COLA Increase: Not Included in November Payments
While retirees are eagerly awaiting the new 2.5% COLA increase, it will not be part of the November 2024 payments. This adjustment to benefits will start in January 2025, with the first payment including the COLA raise set for January 3, 2025.
Maximum Payment Amounts in November 2024
The maximum payment for retirees in November is $4,873, which is the highest amount someone can receive from Social Security based on their work history and the age at which they begin receiving benefits.
If a retiree claims Social Security at age 62, their monthly benefit could be reduced by up to 30%.
On average, retirees will receive around $1,921 per month. However, the actual amount varies depending on the individual’s earnings history. The more someone worked and paid into Social Security, the higher their monthly payment will be.
Additional Benefits for Family Members
When retirees apply for Social Security, their spouses and children may also be eligible for benefits. A spouse of a retiree can expect an average benefit of $909 per month. Children of retirees can receive an average check of $892, as long as they meet the requirements set by the SSA.
When will I receive my Social Security payment for November?
The payment date depends on your birthday. If your birthday is between the 1st and 10th, you’ll get your payment on November 13. If it’s between the 11th and 20th, your payment will be on November 20.
Will I get the 2.5% COLA increase in November?
No, the 2.5% COLA increase will not be included in your November payment. You will start receiving the increased amount in January 2025.
How much will I get in Social Security benefits in November 2024?
The amount you receive depends on your work history and when you filed for benefits. The maximum you can receive in November is $4,873, while the average monthly payment is $1,921.
Can my spouse or children receive Social Security benefits?
Yes, if they meet the SSA’s requirements. Your spouse may get an average benefit of $909, and your children may receive about $892 per month.
How does my filing age affect my Social Security benefits?
If you file for Social Security benefits at 62, your payment will be reduced by 30%. The earlier you file, the smaller your monthly benefits will be.
