According to Vibes.okdiario, The Social Security Administration (SSA) will not issue any payments on November 5, coinciding with the presidential general election. However, this timing is purely coincidental. The SSA has scheduled an adjustment in payments during this week for a different reason.
Change in Payment Schedule for November
Typically, Social Security payments are made on the third of each month. This year, however, November 3 falls on a Sunday, when SSA offices are closed and banks do not operate. To accommodate this, the agency will issue payments on November 1 instead. This change ensures that beneficiaries receive their funds before the weekend.
Payments for 62-Year-Olds and Older
For those aged 62 and older, the November Social Security check will be issued on November 1, 2024. This means that eligible beneficiaries will receive their payments 48 hours ahead of their usual payday.
Unexpected Benefits on the Same Day
Receiving the Social Security payment early could bring additional surprises for many beneficiaries. Those eligible for both Supplemental Security Income (SSI) and retirement benefits will receive both payments on the same day. Typically, SSI payments are distributed on the first of the month, which aligns perfectly with the early Social Security payment.
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Cost-of-Living Adjustment (COLA) Clarification
Will the early Social Security payments on November 1 include the 2025 COLA increase? The answer is no. There will be no additional 2.5% COLA increase included in any November payments. SSI recipients will see this cost-of-living adjustment reflected in their payments starting on December 31, 2024.
Retirees will have to wait until January 2025 to receive the 2025 COLA increase, which will be distributed on either January 3, 8, 15, or 22.
Expected Payment Amounts for November
In November, the average Social Security check will be approximately $1,920. However, some retirees may receive less if they:
- Filed for benefits at age 62
- Worked for a minimal number of years
- Did not contribute significantly to SSA through taxes
For SSI recipients, payments will reach up to $943 on November 1. Eligible married couples can receive a maximum of $1,450, with the average SSI check around $698. It’s important to note that many recipients also receive Social Security, which can lead to reductions in their overall payment amounts.
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