In November, the Social Security Administration (SSA) will make six payments to different groups of people. This includes retirees, survivors, disabled individuals, and those who receive Supplemental Security Income (SSI). These payments help ensure that everyone gets their money on time, especially during the holiday season. Let’s break down the payment schedule and what you need to know about the increases in 2024.
Payment Schedule for November
The SSA has a clear schedule for when beneficiaries will receive their payments. Here’s how it works:
- Supplemental Security Income (SSI): SSI payments are usually sent on the first of each month. In November 2024, these payments will be made on November 1.
- Retirement, Survivor, and Disability Insurance: Most beneficiaries in these categories get their payments on the third of the month. Since this falls on a weekend in November, payments will also be made on November 1 for those eligible.
- Staggered Payment Dates: Payments are further organized based on beneficiaries’ birth dates, with additional payments on the second, third, and fourth Wednesdays of November. This method helps make the payment process smoother and reduces delays at banks.
2.5% COLA Increase
In 2024, Social Security payments are increasing by 2.5% because of the Cost of Living Adjustment (COLA). This increase helps recipients deal with rising prices.
As a result, the average monthly benefits for retired workers will go from $1,900 to $1,948. The SSA calculates this yearly change using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Delayed Payments and Bank Processing
If your payment does not arrive on time, the SSA suggests waiting three mailing days before reaching out to customer service. Delays may happen due to bank processing, especially on weekends and holidays. You can check your payment status online through your My Social Security account to get the latest updates on your benefits.
Average Payments for Different Beneficiaries
Here’s a summary of average monthly benefits for various groups, showing the increase due to the 2.5% COLA:
| Beneficiary Type | Previous Avg. Payment | New Avg. Payment (with COLA) | Increase Amount | Monthly Benefit Date |
|---|---|---|---|---|
| Retired Workers | $1,900 | $1,948 | $48 | November 1st |
| Survivors | $1,508 | $1,546 | $38 | Third Wednesday of November |
| Disabled Individuals | $1,537 | $1,575 | $38 | Fourth Wednesday of November |
| SSI Recipients (Individuals) | $943 | $967 | $24 | November 1st |
The scheduled Social Security payments in November are crucial for making sure beneficiaries get their support on time. The new 2.5% COLA increase gives a little boost to monthly benefits, helping recipients manage their expenses.
FAQ’s
When will Social Security payments be made in November 2024?
Payments will be made on November 1 for SSI recipients and retirees. Additional payments will be scheduled for survivors and disabled individuals on specific Wednesdays.
What is the reason for the 2.5% COLA increase in 2024?
The 2.5% Cost of Living Adjustment is designed to help beneficiaries keep up with rising costs due to inflation.
What should I do if my Social Security payment is delayed?
If your payment doesn’t arrive on time, wait three mailing days before contacting customer service. You can check your payment status through your My Social Security account.