The Social Security Administration will not send any payments on November 5, the date of the presidential general election. But this is only a coincidence. However, there is a reason why there will be no more payouts this week.
Social Security is normally paid on November 3rd. Nonetheless, November 3 is a Sunday, and the Agency is unable to issue monthly payments to retirees or disability recipients when offices are closed and banks do not open. Therefore, these checks will be issued on November 1 instead.
When Will Social Security Checks Be Issued to Everyone Above the Age of 62?
The agency has announced that the November 3 will be published on November 1, 2024. Consequently, all qualified beneficiaries will get a new payment 48 hours before their regular payday.
Receiving this Social Security payment ahead of schedule may result in extra surprises. For many people, receiving both Supplemental Security Income (SSI) and retirement payments on the same payday would be unexpected.
To your knowledge, the SSI payment normally arrives first. As a result, people who are qualified for both an early Social Security payout and SSI will benefit greatly.
Will the November 1 Social Security Checks Include the 2025 Cola Increase?
There will be no SSI or Social Security payments in November that include the additional 2.5% COLA increase. Supplemental Security Income recipients will be eligible to benefit from the cost-of-living rise on December 31, 2024.
Retirees will not be eligible to get their 2025 COLA rise until January 3, 8, 15, or 22. The average check amount in November will be around $1,920. Some retirees can receive significantly less if:
- They filed at age 62, worked for the minimum amount of years, and paid minimal Social Security taxes.
- SSI recipients will get a payout of up to $943 on November 1. Eligible married couples can receive up to $1,450.
On average, SSI checks can be around $698. Keep in mind that many recipients also receive Social Security, which results in decreases.