The United States Government has implemented various mechanisms to ensure that retirees and people with Social Security checks maintain their purchasing power over the years. One of the most important adjustments is the annual increase known as a COLA, which takes into account inflation and the cost of living. This adjustment is key for millions of beneficiaries who rely on Social Security as their primary source of income.
Each year, the COLA is applied automatically, affecting everyone who gets Social Security payments. While not every year the increase is significant, in 2024 the adjustment has had a noticeable impact on monthly payments. This measure ensures that beneficiaries can meet rising costs in areas such as housing, health care and other essential services.
November 2024 is particularly important for those receiving Social Security benefits, as they will see the COLA increase applied in 2024 reflected, making their payments larger compared to those received in 2023 and prior years.
November Social Security payment schedule with COLA included
The November 2024 Social Security payment schedule will be critical for beneficiaries, as it is the first month in which they will see the full increase due to the COLA adjustment. It is important for beneficiaries to be aware of the dates to properly plan their finances and ensure they get their payments smoothly.
Below is the November 2024 payment schedule, which includes the COLA increase:
- November 1: Payment for SSI and retirees getting pre-May 1997 benefits.
- November 13: Post-May 1997 retirees with birthday falls between the 1st and 10th of the month.
- November 20: Post-May 1997 retireeswith birthdays between the 11th and 20th of the month.
- November 27: Post-May 1997 retirees with birthdays between the 21st and 31st of the month.
- November 29: Decenber SSI Payment.
This schedule is vital for all beneficiaries, as the COLA adjustment will be fully applied, which will increase the monthly amount received compared to previous years’ payments. This automatic adjustment provides greater financial security, especially in times of rising inflation.
Maximize Your Social Security Payment
In addition to the COLA increase, there are some strategies beneficiaries can implement to maximize their Social Security payment. These strategies are useful for both those who are already getting their benefits and those who are still considering when to start getting their benefits.
- Delay retirement: While it may be tempting to start getting payments at age 62, waiting until full retirement age or even beyond significantly increases the monthly amount. Each year that retirement is delayed, payments increase by as much as 8% annually.
- Working for 35 years or more: The Social Security payment calculation is based on the 35 highest-earning years. If you do not work during this minimum period, years with zero earnings are included in the calculation, which reduces the average and, consequently, the amount of the benefit.
- Increase wages during the working years: The higher the earnings during the working years, the higher the amount the beneficiary will get in his or her monthly Social Security check.
Implementing these steps can make a big difference in the final amount you get from Social Security. Those nearing retirement should consider these strategies to maximize their monthly payment, while current beneficiaries can take advantage of the COLA to enjoy a higher income during their retirement years.