Retirees collecting Social Security often rely on a consistent schedule for their payments, yet some changes do happen. Notably, individuals who began receiving Social Security before May 1997 have a different payment schedule from more recent retirees. This group, along with recipients of Supplemental Security Income (SSI), can expect an adjusted payment schedule for November and December 2024. Here’s what to expect.
November Payment Adjustments
Typically, retirees who filed before May 1997 would receive their Social Security payment on the 3rd of each month. However, in November 2024, the Social Security Administration (SSA) is making an exception due to the 3rd falling on a Sunday. Payments cannot be processed on weekends, so the SSA will issue November payments two days early, on Friday, November 1.
This adjustment ensures that retirees avoid any delays and can access their funds immediately on the first banking day. For those who also receive SSI, the November payment will likewise arrive on November 1, streamlining paydays for beneficiaries reliant on these funds.
SSI Payment Schedule
Supplemental Security Income (SSI) is a program available to retirees and others who meet certain low-income requirements, designed to support individuals with limited financial resources. If you receive both SSI and Social Security retirement benefits and filed before May 1997, your payments will arrive on November 1 as well. The next SSI payment will be issued on November 29, 2024—an early payment for December since the first of the month falls on a weekend. This setup ensures no delays in accessing SSI benefits.
| Month | Payment Date for SSI | Payment Date for Social Security |
|---|---|---|
| November | November 1 | November 1 |
| December | November 29 | December 3 |
December Payment
For December 2024, Social Security payment schedules return to normal for pre-1997 retirees. The payment will arrive on Tuesday, December 3, 2024. This will be the last check before the anticipated Cost of Living Adjustment (COLA) increase takes effect. COLA adjustments aim to keep Social Security benefits in line with inflation, providing a much-needed income boost to many retirees.
The 2025 COLA increase is projected to be around 2.5%, translating to an average extra $50 per month for beneficiaries. This increase provides an estimated $600 in additional income annually, helping retirees keep pace with rising living costs.
2025 COLA Increase
Starting in January 2025, Social Security benefits will reflect the 2.5% COLA increase. This boost aims to counterbalance inflation, especially beneficial for those on fixed incomes who may feel the impact of rising costs more acutely. With the average recipient expecting an extra $50 per month, this adjustment brings some financial relief as retirees plan for the new year.
Pre-1997 Recipients
- November Payment: Arrives two days early on November 1, due to November 3 falling on a Sunday.
- December Payment: Scheduled for December 3, with no changes anticipated.
- SSI Payments: November payment aligns with Social Security on November 1, and the December SSI payment is issued early on November 29.
- 2025 COLA Increase: Provides an average additional $50 per month, or around $600 annually, starting with the January 2025 payment.
Knowing these adjustments can help retirees better plan their finances and ensure they receive timely payments. As always, retirees are encouraged to monitor their payments and stay updated on any SSA announcements to avoid surprises. With the COLA increase, Social Security benefits should offer a bit more cushion against inflation in the coming year.
FAQs
Why is November’s payment early for pre-1997 retirees?
The SSA moved the payment to November 1 since November 3 falls on a Sunday.
When will I receive my December SSI payment?
The December SSI payment will be issued on November 29, 2024.
What is the 2025 COLA increase for Social Security?
The 2025 COLA increase is about 2.5%, adding $50 monthly for most.
When will December’s Social Security payment arrive?
December’s payment for pre-1997 retirees will be issued on December 3.
How much more will I get from the 2025 COLA increase?
The 2.5% increase adds around $50 per month or $600 per year.
