Beginning November 1st, many Social Security beneficiaries in the United States will get their monthly payments, with amounts that can range from $943 for Supplemental Security Income (SSI) recipients to $4,873 for those who achieve the maximum delayed retirement payment. This date is of particular relevance for pensioners who began receiving their pension before 1997 and for SSI beneficiaries, as both payments will be made on the same day. In addition, in some cases, beneficiaries may have the possibility of increasing the amount of their check, depending on certain conditions.
Social Security is a benefit that provides a financial backstop for millions of Americans, especially in times of inflation. However, for many, knowing the exact amount to get or the options for increasing the payment is a challenge. Below, we’ll take a look at who is eligible for the November 1st payment and how some beneficiaries may qualify for an increase in their checks.
Who gets Social Security on November 1st?
November 1st is a key date in the Social Security payment calendar, especially for those beneficiaries who meet certain specific criteria. This day is primarily intended for two types of beneficiaries: retirees who began getting their benefit before May 1997 and Supplemental Security Income (SSI) recipients. These payments are of particular importance to those who depend on the financial security provided by these helps.
The main groups that will get the November 1st payment are:
- SSI recipients: The maximum check for SSI recipients in November will be $943, and is intended to cover basic expenses for low-income people and people with disabilities. This SSI payment is usually made on the first day of each month, except when it coincides with weekends or holidays.
- Pre-May 1997 retirees: Those who began receiving their benefits before May 1997 will also get their check on November 1st. In this case, the amounts may vary according to each beneficiary’s work history, with a maximum of up to $4,873 if all delay and benefit optimization requirements are met.
Paying SSI and Social Security on the same date allows people who rely on both benefits to get their income on the same day, a useful strategy for organizing their monthly finances and ensuring that basic needs can be met smoothly.
Can I increase my November 1st retirement check?
For many beneficiaries, November 1st is not only a date to receive payments, but also an opportunity to consider how to increase their benefits in the future. While the Social Security check is calculated based on multiple factors, some beneficiaries may qualify for an increase in their monthly payment, either by maximizing Social Security itself or by taking advantage of other supplemental helps.
Here are some strategies that could help increase your benefit amount:
- Delay applying for Social Security: If you haven’t yet started getting retirement benefits and can wait until after full retirement age, your monthly check could increase significantly. For each year of delay in applying, the benefit can increase by up to 8% per year, peaking at age 70.
- Complete at least 35 years of work contributions: Social Security takes into account the 35 years of best earnings to calculate the average. If you have not worked that long, the missing years are computed as zero, which reduces the average. Completing the 35 years with high earning years can raise the monthly amount.
- Access to Supplemental Security Income (SSI): For those retirees who meet low-income requirements, SSI can provide extra income of up to $943 per month, supplementing Social Security payments and providing additional support to cover essential expenses.
- Maximize income in key years: The last few years before retirement are crucial for increasing average wages. If you can achieve higher wages at this stage, your final Social Security calculation will increase, which will benefit your monthly check throughout retirement.
While these steps take time and planning, the increases can be significant. In addition, certain SSI recipients may also be able to access other help programs such as SNAP, which provides another supplemental income to meet food needs, without negatively affecting the amount of Social Security.
For those who are already getting their benefits and are looking to improve their financial situation, it is advisable to review these points and consider benefit optimization. Combining Social Security with other help programs can not only increase monthly income, but also contribute to greater financial stability throughout retirement.
Still, remember that the November retirement payment will be the same as in the other months of 2024, but will be higher than in the previous year 2023. The new 2.5% COLA will not go into effect until January 2025.
