Social Security benefits provide essential financial support to retired people, people with disabilities, and families of deceased workers. Every month, the Social Security Administration (SSA) makes these payments to about 70 million beneficiaries.
However, due to the large number of recipients, payments are made on different days based on certain factors like the recipient’s birthday and the type of benefits they are entitled to.
Payment Schedule for November 2024
If your birthday falls between November 1st and 10th, you will receive your payment on November 13th.
People who receive Supplemental Security Income (SSI) or have been receiving retirement benefits since before May 1997 are not affected by this schedule, as they get their payments on a different timetable.
For people whose birthdays fall between:
- November 11th and 20th, payments will be made on November 20th.
- November 21st and 30th, payments will be made on November 27th.
This spread-out schedule helps the SSA manage the payment process more smoothly.
What Happens If You Don’t Receive Your Payment on Time?
If you don’t receive your payment by the scheduled date, the SSA advises waiting at least three business days before contacting them. This time allows for any minor delays in processing or delivery.
If the payment is still missing after this waiting period, you should reach out to the SSA to investigate and resolve the issue.
How Are Social Security Payments Calculated?
The amount you receive from Social Security depends on your highest-earning 35 years of work. If you have worked for more than 35 years, only the years where you earned the most will be used in the calculation.
The more you earn over your career, the higher your Social Security benefits will be.
As of June 2024, the average monthly benefit for retirees was about $1,869.77. However, people who wait until age 70 to retire can receive up to $4,873 per month. On the other hand, if someone starts receiving benefits at age 62, the maximum monthly benefit is $2,710.
Annual Adjustments to Social Security Payments
Each year, Social Security benefits are adjusted to keep up with inflation. This adjustment is called the Cost-of-Living Adjustment (COLA).
In 2025, the COLA will increase benefits by 2.5%, helping beneficiaries maintain their purchasing power as prices rise.
The COLA is especially important for people who rely on Social Security as their primary source of income, as it helps them keep up with rising costs without their benefits losing value.
When Should You Start Claiming Your Benefits?
The age at which you start claiming Social Security benefits can have a big impact on how much money you get each month.
If you begin at age 62, your monthly payments will be smaller compared to if you wait until age 67 or 70. For those who can afford to wait, delaying benefits until age 70 can provide the largest monthly payment.
Many people carefully plan their retirement to maximize their benefits, as waiting can increase your income for the long term.
Upcoming Changes to Social Security
Starting in 2025, beneficiaries will see an increase of 2.5% in their monthly payments due to the Cost-of-Living Adjustment (COLA). This yearly adjustment helps beneficiaries keep up with inflation, ensuring that their benefits do not lose value over time.
1. When will I receive my Social Security payment in November?
Payments are scheduled based on your birthday:
November 1–10: November 13
November 11–20: November 20
21–30: November 27
2. What should I do if my payment is late?
Wait for three business days after the scheduled date before contacting the SSA. Small delays may happen in processing or delivery.
3. How is my Social Security benefit amount determined?
Your benefits are based on your 35 highest-earning years of work. The more you earned, the higher your benefits will be.
4. When is the best age to start collecting Social Security?
The best age to claim depends on your financial situation. Waiting until age 70 gives you the highest monthly payments, but you can start as early as age 62.
5. Will my Social Security benefits increase over time?
Yes, your benefits will increase annually through the Cost-of-Living Adjustment (COLA), which is based on inflation.
