In the United States, the announcement that there will be no further increases in Social Security benefits for the remainder of 2024 has generated concern among retirees. Despite the expectations of many beneficiaries to get an increase in their monthly checks, the Social Security Administration has confirmed that the next increase will occur in 2025, along with the annual cost-of-living adjustment (COLA) of 2.5%. This adjustment seeks to offset inflation and maintain the purchasing power of beneficiaries.
This change implies that November and December payments will maintain the same maximum values established at the beginning of the year. For retirees, this stagnation can be a burden, especially for those who rely exclusively on their Social Security check to cover living expenses in a context of rising prices. As a result, many hope that the increase in 2025 will make up the difference left by year-end payments.
Despite the stability in the numbers, it is essential for retirees to understand how much they will get in their next payments and how these amounts will be reflected. In this article, we explore the maximum Social Security values for November and December, as well as a breakdown on the timing of upcoming payments.
What is the Social Security maximum in November and December 2024?
For the last two months of 2024, Social Security in the United States will maintain its maximums with no additional changes. Thus, the values are set at $3,822 for those who get full or disability retirement, $4,873 for delayed retirement, and $2,710 for early retirement. These amounts, established at the beginning of the year, will remain stable until the 2025 adjustment.
To get these maximum benefits, beneficiaries must meet certain requirements that include having worked 35 years with high salaries and not having applied for retirement before full retirement age, among others. The purpose of these maximum amounts is to provide substantial financial help, especially for those who have contributed significantly to the Social Security system throughout their working years.
It is important to note that, although the maximum payments are defined, each beneficiary gets a different amount according to his or her work and contribution history. However, for those who have reached these maximums, the COLA adjustment scheduled for 2025 could provide a valuable increase in their income.
Social Security payments in November and December 2024
For November and December 2024, the Social Security Administration will follow the usual payment schedule. In November, the first payment will be on November 1, intended for retirees who received their benefit before May 1997. Retirees who retired after May 1997 with birth dates between November 1 and 10 will get their payment on November 13. The second group of retirees, with birthdays between 11 and 20, will get the payment on November 20, and the third group, with dates between 21 and 31, will get it on November 27.
In December, the scheme will be similar. Payments will begin on December 3, followed by payments on December 11, 18 and 24 for groups of beneficiaries after May 1997, according to their dates of birth. This schedule remains constant, allowing beneficiaries to plan their monthly expenses according to the dates their checks are deposited.
For retirees, this schedule allows them to anticipate the timing of their income and prepare their monthly budget. Even if the amounts do not change during the rest of the year, the stability of the dates ensures that each Social Security beneficiary is clear about when they will get their payment.