The Social Security Administration (SSA) plays a crucial role in ensuring that retirees receive their benefits on time. October 2024 has seen a series of payments, and November promises more, including some earlier-than-expected deposits. However, the Cost-of-Living Adjustment (COLA) increase announced for 2025 will not take effect until January. This means that even though COLA has been revealed, retirees will not see an increase in their checks until the new year.
Let’s break down what you can expect for October and November 2024 regarding Social Security and SSI payments.
October Payments
The SSA has already sent out direct payments on October 9 and 16. If your birthday falls between the 21st and 31st, you will receive your October Social Security check on October 23. However, there are exceptions:
- If you receive SSI benefits, this will not be your payday.
- If you started receiving Social Security benefits before May 1997, you would have already received your check on October 3.
These dates are part of the SSA’s structured payment schedule, based on your birthdate or the timing of your claim.
Payments in October
Your retirement age plays a significant role in determining your monthly benefit amount. Here’s what retirees can expect in terms of maximum payments for October 2024:
- Filed at 70 in 2024: The highest monthly payment in October 2024 is $4,873. This amount is for retirees who delayed filing until age 70. The increase comes from the delayed retirement credits, which boost payments by about 8% for every year you delay past your Full Retirement Age (FRA), up to age 70.
- Filed at FRA: For those who filed at their Full Retirement Age (typically 66 or 67, depending on your birth year), the maximum payment in October 2024 is $3,822. Filing at FRA offers a balance between receiving benefits earlier and maximizing your monthly amount.
- Filed at 62: Retirees who filed as early as possible, at age 62, can receive up to $2,710 per month in October 2024. However, this reduced payment is due to the early filing penalty. Most retirees do not receive the maximum amount, with many averaging around $1,920 as of August 2024.
This table summarizes the maximum monthly payments based on filing age:
| Filing Age | Maximum Monthly Payment (October 2024) |
|---|---|
| 70 | $4,873 |
| Full Retirement Age (66-67) | $3,822 |
| 62 | $2,710 |
| Average Payment (August 2024) | $1,920 |
As you can see, the earlier you file, the lower your monthly payment. That’s why delaying benefits until 70 can result in a significantly higher payout.
Upcoming November Payments
Looking ahead to November 2024, the SSA has a busy schedule for payments. After the final payment on October 23, retirees can expect their November payments to start coming in sooner than expected.
The first notable payment will be on November 1, a surprise for some. This date is reserved for those receiving SSI benefits, as SSI is traditionally paid at the start of the month. However, Social Security recipients will also receive a payment on November 1, meaning some retirees could receive two payments on the same day—one from SSI and one from Social Security.
- November 1: SSI and Social Security payments.
- November 13: Social Security payments for those born between the 1st and 10th.
- November 20: Payments for those born between the 11th and 20th.
- November 27: Payments for those born between the 21st and 31st.
In addition to these regular payments, November 29 will be the payday for December SSI benefits. Since December 1 falls on a Sunday, the SSA rescheduled the payment for the last business day of November. This ensures that SSI recipients won’t experience any delays.
Some Payments Early
The early payment on November 1 is a result of SSA’s careful scheduling to avoid conflicts with holidays and weekends. In cases where a regular payment date lands on a weekend or holiday, the SSA moves the payment forward to ensure that recipients get their benefits without interruption. This practice helps avoid complications, especially for those relying on benefits to cover essential expenses like rent, groceries, and medical bills.
In conclusion, October and November are full of important payment dates for retirees and SSI recipients. If you receive both Social Security and SSI, be prepared for multiple payments, including an early surprise on November 1. The SSA’s careful scheduling ensures that everyone gets their benefits on time.
FAQs
When will retirees born between the 21st-31st get paid in October?
They will receive their payment on October 23, 2024.
How much will I get if I filed for Social Security at 70?
The maximum benefit for those who filed at 70 in 2024 is $4,873.
When is the first Social Security payment in November?
The first Social Security payment will be sent on November 1, 2024.
Why is SSI being paid twice in November?
SSI is paid on November 1 and again on November 29 to cover December.
What is the average Social Security benefit for 2024?
As of August 2024, the average monthly benefit is $1,920.
