Social Security payments vary among retirees, particularly for those who began collecting benefits before May 1997. The Social Security Administration (SSA) has specific payment schedules for these individuals, and there are notable updates for November and December 2024.
November Payments
In November, Social Security payments for those who filed before May 1997 will be issued earlier than usual. Instead of the typical payment date of November 3, payments will be sent on November 1. This change is made to avoid delays that would occur due to the payment date falling on a Sunday, when banks are unable to process payments. Recipients of Supplemental Security Income (SSI) will also receive their payments on November 1, followed by the December payment on November 29.
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December Payments
For December, retirees who filed before May 1997 will receive their payments on December 3. This marks the last payment before the anticipated Cost-of-Living Adjustment (COLA) increase in 2025. The upcoming COLA increase is projected to raise payments by approximately 2.5%, providing an average boost of about $50 starting January 3, 2025. Over the course of the year, this adjustment could result in about $600 more for retirees relying on Social Security benefits.
These updates are significant for retirees, especially those with low incomes who depend on these payments for their daily needs. The SSA aims to ensure that payments are timely and responsive to the economic realities faced by beneficiaries.
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