On November 1, 2024, the first wave of Social Security benefits, up to $4,873, will be paid out. Not all Social Security recipients are eligible for this payment date, though.
This early November payment is often only available to those who started receiving benefits prior to April 30, 1997, or who receive Supplemental Security Income (SSI) in addition to retirement payments. Beginning on November 13, funding will be disbursed to the remaining individuals according to their dates of birth.
The November payments for individuals who started receiving benefits after April 30, 1997, are planned as follows:
| Payment Date | Eligibility |
| November 13, 2024 | Retirees born between the 1st and 10th |
| November 20, 2024 | Retirees born between the 11th and 20th |
| November 27, 2024 | Retirees born between the 21st and 31st |
According to predetermined dates connected to their dates of birth, these payment schedules guarantee that all recipients receive their benefits.
No rise in COLA
January 2025 will see the implementation of the 2025 Cost of Living Adjustment (COLA), which is expected to raise payments by 2.5 percent. As a result, the COLA raise will only be received by claimants in the new year, as November payments will not yet reflect this adjustment.
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Qualifications
Not all recipients are eligible for the highest possible payout. Retirees must fulfill certain requirements in order to be eligible for up to $4,873, which usually include having a history of high income and a long work experience. What is needed is as follows:
- Delayed Claiming: In order to qualify for delayed retirement credits, the retiree must have waited until they were at least 70 years old to claim for benefits.
- 35+ Years of Work: Since the SSA bases benefits calculations on the highest-earning 35 years, a work history of at least 35 years is required.
- Maximum Taxable Earnings: For at least 35 years, recipients must have earned the Social Security taxable maximum.
- Payroll Taxes: Only income subject to Social Security taxes is taken into account when determining benefits.
- SSA Compliance: In order to avoid fines or benefit reductions, recipients must continue to be eligible and adhere to SSA regulations.
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Average Amount Paid
In 2024, the average Social Security benefit will be around $1,921. High incomes receive more, whereas the majority of recipients receive payments that are below the maximum amount.
Retirees are guaranteed to understand when they can anticipate receiving their benefits and how their amount is determined by their age of filing, earnings history, and other characteristics thanks to the November payment schedule and criteria.
