The Social Security Administration (SSA) has recently confirmed a new round of payments for retirees and disabled beneficiaries scheduled for this month.
The federal agency disburses Social Security benefits to millions of Americans each month; however, due to the extensive number of beneficiaries, payments are staggered throughout the month.
In 2024 alone, approximately $1.5 trillion will be distributed in retirement, disability, and survivor benefits.
Key Dates for November Social Security Payments
Under the Social Security payment schedule, beneficiaries receive payments based on their birth dates and the month they first claimed benefits. Here’s the breakdown for November:
| Birth Date Range | Payment Date |
|---|---|
| 1st – 10th | Second Wednesday (Nov 13) |
| 11th – 20th | Third Wednesday (Nov 20) |
| 21st – 31st | Fourth Wednesday (Nov 27) |
To qualify for these payments, beneficiaries must meet specific requirements, such as reaching the full retirement age, having an established work record, and fulfilling Social Security contribution criteria.
Retirement, Survivors, and Disability Insurance (RSDI) Payment Schedule
Beneficiaries under the RSDI program receive their monthly checks according to the date they began claiming benefits:
- Those who claimed benefits before May 1997 receive payments on the 3rd of the month, unless it falls on a weekend or federal holiday.
- Those who began after May 1997 receive payments according to the birthdate-based schedule mentioned above.
Expected Cost-of-Living Adjustment (COLA) for 2025
Although the 2025 Cost-of-Living Adjustment (COLA) has not been officially implemented, it is projected to be 2.5%, a slight decrease from earlier predictions of 2.57%. According to Mary Johnson, an independent Social Security analyst, beneficiaries currently receiving $1,870 per month would see an estimated increase of $46.80 due to this adjustment.
The table below illustrates how the 2.5% COLA increase is expected to impact Social Security payments for retirees:
| Age at Retirement | Current Monthly Payment | Estimated Payment with 2.5% COLA Increase |
|---|---|---|
| 62 | $2,710 | $2,778 |
| 67 (Full Retirement Age) | $3,822 | $3,917 |
| 70 | $4,873 | $4,995 |
How Social Security Benefits Are Calculated
The Social Security Administration bases benefits on the 35 highest-earning years of an individual’s work history, adjusted for inflation. Additionally, the retirement age significantly influences the maximum benefit amount:
- Retirees at full retirement age in 2024 can receive up to $3,822 per month.
- Early retirees at age 62 are eligible for a maximum of $2,710.
- Delaying retirement until age 70 allows for a maximum benefit of $4,873.
Official Announcement Date for COLA 2025
The SSA is set to announce the official COLA for 2025 on October 10. The adjustment is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter (July-September) of the current year. For reference, the 2023 COLA increase was an impressive 8.7%, the highest in years, driven by inflation.
Impact of the New 2.5% COLA Increase
The anticipated 2.5% adjustment will impact both retirement and survivor benefits starting January 2025:
| Benefit Type | Current Payment | 2.5% Increase |
|---|---|---|
| Average Retiree Benefit | $1,900 | $1,949 |
| Survivor Benefits (Individual) | $1,773 | $1,818 |
| Survivor Benefits (2 Children) | $3,653 | $3,747 |
FAQs
When will the new Social Security payments be made in November?
Payments are scheduled for the second, third, and fourth Wednesdays of the month, depending on the beneficiary’s birthdate.
How is the 2025 COLA increase determined?
The COLA is based on the CPI-W index for the third quarter (July-September) of each year.
What is the maximum Social Security benefit at full retirement age in 2024?
If you retire at full retirement age, the maximum benefit will be $3,822 per month.