New Social Security payments are set to be issued in November 2024, with the Social Security Administration (SSA) overseeing the delivery of benefits to eligible retirees. In this article, we’ll outline the key payment dates for retirees, the expected payment amounts, and when the upcoming Cost-of-Living Adjustment (COLA) increase will take effect.
November Payment Dates
The remaining November payments are scheduled for retirees who did not receive their Social Security benefits at the beginning of the month. The first November payment was made on November 1 to retirees who have been receiving benefits since before May 1997 and for those who receive both Social Security and Supplemental Security Income (SSI).
For other retirees, payments will be based on their birthdate:
- November 13: Payment for retirees whose birthdays fall between the 1st and 10th of the month.
- November 20: Payment for retirees with birthdays between the 11th and 20th of the month.
- November 27: Payment for retirees whose birthdays are from the 21st to the 31st of the month.
Important Note: The November payments do not include the 2025 COLA increase. The 2.5% COLA boost will be applied starting on January 3, 2025.
Social Security Payments
The maximum amount a retiree can receive in November is $4,873. However, not all retirees will receive the maximum benefit, as Social Security payments are based on an individual’s earnings history and the age at which they begin receiving benefits.
- Average benefit for retirees: Approximately $1,921 per month.
- Spousal benefits: On average, spouses of retirees can receive about $909 per month.
- Children’s benefits: The average benefit for eligible children is around $892.
Filing Age Affects
The age at which you choose to start receiving Social Security can significantly impact your benefit amount. For example:
- If you file at age 62, which is the earliest you can begin receiving benefits, your monthly payment will be reduced by 30% compared to your full retirement age benefit.
- On the other hand, delaying your benefits until age 70 can significantly increase your monthly payment.
It’s important to consider these factors when deciding when to file for Social Security, as your filing age will directly affect your lifelong benefit amount.
Additional Family Benefits
When you apply for Social Security, your spouse or children may also qualify for benefits based on your work record, provided they meet certain eligibility requirements. This can be a significant financial boost for families, as family members can receive a portion of your benefit:
- Spouses: Eligible to receive up to 50% of your benefit, averaging around $909 per month.
- Children: May also qualify for benefits, with the average child’s benefit being $892.
In November, retirees can expect their Social Security payments on one of three dates depending on their birthdate: November 13, November 20, or November 27. The COLA increase of 2.5% will not take effect until January 2025, so retirees will see no change in their benefit amounts this month. The average payment for retirees is approximately $1,921, but benefits can vary depending on your work history, earnings, and filing age. For those supporting a spouse or children, additional family benefits may also be available, providing even more financial assistance.
FAQs
When will retirees receive their Social Security payments in November?
Payments are scheduled for November 13, 20, and 27 based on your birthdate.
When will the COLA increase take effect?
The 2.5% COLA increase will take effect on January 3, 2025.
What is the maximum Social Security payment in November?
The maximum payment in November is $4,873 per month.
What is the average Social Security benefit for retirees?
The average benefit is about $1,921 per month.
Can family members receive benefits based on my Social Security record?
Yes, spouses and children may be eligible for benefits if they meet requirements.
