Not all employees retire on the same date. As a result, Social Security splits payments between people who began receiving retirement benefits before May 1997 and those who did not.
Another fascinating truth is that seniors with poor incomes and no resources may be eligible for Supplemental Security Income. If you get SSI in addition to retirement benefits, you will divide your paycheck with people who received benefits before May 1997.
Pre-1997 Social Security Payout in November
Here’s one of the most important announcements from the Social Security Administration (SSA) for November. The payment will not be issued to retirees on November 3rd as normal.
Instead, the SSA will send the direct payments and cheques on November 1. The Agency avoids late payments by sending it on a Sunday. Banks would be unable to process them if they were delivered on Sunday, November 3.
As a result, they will arrive two days earlier than expected. If you filed before May 1997, you will not receive any extra retirement benefit payments in November. If you receive SSI, your payments for November will be issued to your bank account on November 1 and for December on November 29, 2024.
Pre-1997 Social Security Payout in December
Retirees who filed and received Social Security before May 1997 will receive their December payment on the third. As a result, your final check before the 2025 COLA rise is received will be payable on December 2, 2024.
In this situation, no changes are anticipated, and all eligible retirees will get their payments on the most frequent payday. The 2025 COLA hike will raise all retirement payments by around 2.5%.
This means that you will receive an additional $50 on average beginning January 3, 2025. That is a minor increase, but it is nevertheless required for retirees with low incomes who rely on Social Security. Following the COLA increase, retirees could get an additional $600 per year.