In November 2024, Social Security claimants can receive payouts on three specified dates, averaging $1,921. These payments will be made based on the recipient’s birthdate. Here’s everything you need to know about the forthcoming Social Security payments, including the payment schedule, benefit levels, and eligibility for dependent benefits.
Social Security Payment Dates in November 2024:
The Social Security Administration (SSA) will make payments in November according to the following schedule:
- November 13 – For retirees with birthdays between the first and tenth of the month.
- November 20: For retirees born between the 11th and 20th of the month.
- November 27: For retirees born between the 21st and 31st of the month.
These dates apply to people who do not receive their payments by direct deposit on November 1. The November 1 payment was intended for retirees who began collecting benefits before May 1997 and those receiving both Social Security and Supplemental Security Income (SSI).
Payment amounts for November 2024:
Social Security payments in November will be similar to previous months, as the 2025 Cost of Living Adjustment (COLA) will not take effect until January 2025. The expected 2.5% COLA rise will commence with payments on January 3, 2025, increasing benefits by approximately $50 per month on average.
The exact amount a retiree receives is determined by criteria such as their employment history, the age at which they began receiving benefits, and whether they applied early or at full retirement age. Individuals who start collecting benefits at age 62 may suffer a drop of up to 30%, while those who wait until full retirement age or later may receive a more incredible monthly amount.
Additional benefits for spouses and children:
Social Security benefits can be extended to qualified spouses and children. Once a retiree begins receiving benefits, their dependents may become eligible for payments depending on their record. The following are the main eligibility requirements:
- Spouses: A spouse may be eligible for benefits averaging $909, though this can vary depending on the retiree’s benefit amount and age.
- Dependent children may qualify for an average of $892 in benefits if they meet the SSA’s age and eligibility requirements.
Planning for the 2025 COLA adjustment:
While November’s payments will not include the 2025 COLA increase, retirees can anticipate a slight boost in benefits beginning in January 2025. The predicted 2.5% COLA increase will elevate the average monthly payment by around $50, or $600 annually. This hike is intended to assist seniors in keeping up with the rising expense of living.
Key Takeaways from November 2024 Social Security Payments:
Payment Schedule: Payments will be distributed on November 13, 20, and 27, according to your birth date.
COLA Adjustment: The 2.5% COLA hike will start in January 2025, not November.
Eligibility: Only retirees who have applied for Social Security benefits are eligible for payments. The age at which they file may influence the amount they get.
These Social Security payments in November provide vital financial stability for many retirees, assuring constant income to assist them manage their monthly living expenditures. With the additional COLA rise scheduled for January, retirees might expect some relief in the new year.
