The Social Security Administration (SSA) will be in charge of distributing benefits to qualified retirees in November 2024, when new Social Security payments are scheduled to be made.
We’ll go over the important dates for retiree payments, the anticipated amounts, and the date of the next Cost-of-Living Adjustment (COLA) increase in this post.
Payment Dates for November
In November, retirees who did not receive their Social Security benefits at the start of the month will receive the remaining amounts.
For retirees who have been receiving benefits since before May 1997 and for those who receive both Social Security and Supplemental Security Income (SSI), the first November payment was provided on November 1.
Payments to other retirees will be determined by the date of their birth:
- November 13: Retirees whose birthdays fall between the first and tenth of the month will get payment on November 13.
- November 20: Retirees whose birthdays fall between November 11 and November 20 will get payment.
- November 27: Retirees whose birthdays fall between the 21st and the 31st of the month will get payment on November 27.
Important Note: The 2025 COLA rise is not included in the November payments. The 2.5% COLA increase will take effect on January 3, 2025.
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Payments from Social Security
In November, a retiree can get up to $4,873 in benefits. However, because Social Security benefits are determined by an individual’s earnings history and the age at which they start receiving benefits, not every retiree will receive the maximum payout.
- The average monthly benefit for retirees is about $1,921.
- Spousal benefits: Retirees’ spouses typically earn $909 a month.
- Benefits for children: For qualifying children, the average benefit is approximately $892.
Effects of Filing Age
Your Social Security benefit amount may be greatly impacted by the age at which you decide to begin receiving benefits. For instance:
- Your monthly payment will be 30% less than your full retirement age benefit if you file at age 62, which is the earliest you can start collecting benefits.
- Delaying benefits until age 70, however, can result in a much higher monthly payment.
Since your filing age will have a direct impact on the amount of your lifetime benefits, it is crucial to take these considerations into account when choosing when to apply for Social Security.
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Extra Advantages for the Family
If your spouse or children meet certain eligibility standards, they may also be eligible for payments based on your employment history when you apply for Social Security. Family members can receive a percentage of your benefit, which can provide a substantial cash boost for families:
- Spouses: May get up to 50% of your benefit, which comes to about $909 a month on average.
- Children: They may also be eligible for benefits; the average benefit for a child is $892.
Depending on when they were born, retirees can anticipate receiving their Social Security benefits on November 13, November 20, or November 27.
Retirees’ benefit amounts will remain unchanged this month because the 2.5% COLA rise won’t be implemented until January 2025. Benefits might differ based on your work experience, salary, and filing age, but the average payout for retirees is about $1,921.
