The final round of November Social Security payments will be administered by the Social Security Administration (SSA) this week.
Retirement checks are distributed throughout the month based on the recipient's birth date and how long they have been receiving benefits for. Supplemental Security Income (SSI), which provides financial support to the elderly, blind, and disabled with limited income and assets, is most often paid at the start of each month.
This week, on Wednesday, November 27, all those with a birthday that falls between the 21st and 31st of any given month will get their retirement check. This does not include those who have been claiming since prior to May 1997 and those who also claim SSI as well.
SSI benefits will be paid on Friday, November 29, a few days earlier than usual. This is because the usual payment date of December 1 falls on a weekend.
"We do this to avoid putting you at a financial disadvantage and make sure that you don't have to wait beyond the first of the month to get your payment," the SSA said in a 2022 blog post. "It does not mean that you are receiving a duplicate payment in the previous month, so you do not need to contact us to report the second payment."
The SSA advises waiting three working days before contacting the government agency if a payment hasn't arrived as expected. Saturdays, Sundays and public holidays are not considered working days.
How much is paid out to each beneficiary also differs. The sum you get is based on several factors, including the age at which benefits were claimed and the individual's highest-earning years of work.
As of 2024, the maximum monthly benefit is $4,873, which is available only for those who retire at the age of 70. If you opt to start receiving retirement benefits at 62, the earliest possible age, your maximum benefit would be $2,710. As of January 2024, the average monthly retirement benefit for claimants was $1,907.
However, these amounts are subject to change in the new year, as benefit payments will be boosted by for 2025 due to the Cost of Living Adjustment (COLA), which will be 2.5 percent.
The 2.5 percent increase will mean a benefit recipient receiving $1,870 per month from the SSA will see their monthly amount rise about $46.80 next year, according to independent Social Security and Medicare policy analyst Mary Johnson.
The COLA for 2023 was the largest ever administered, with seniors receiving an 8.7 percent annual raise following a period of high inflation due to the coronavirus pandemic.
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