Not all workers retire on the same date. Consequently, Social Security divides payments between those who began collecting retirement benefits before May 1997 and those who didn’t.
Another interesting thing is the fact that those retirees who have a low income and no resources may be receiving Supplemental Security Income. If you also receive SSI apart from retirement benefits, you will share paydays with those who got benefits before May 1997.
Pre-1997 Social Security payment in November
Here comes one of the most important the Social Security Administration (SSA) has announced for November. The payment will not be issued for retirees on November 3 as usual.
Instead, SSA will send the direct payments and checks on November 1. By doing so, the Agency avoids late payments for sending it on a Sunday. Banks would not be able to process them if they were sent on Sunday, November 3.
Therefore, they will be delivered 2 days ahead of schedule. There will not be any other retirement benefit payment in November if you filed before May 1997. If you are on SSI, your payments will be delivered to your bank account on November 1 and the one for December on November 29, 2024.
Pre-1997 Social Security payment in December
Retirees who filed and got Social Security before May 1997 will receive their December payment on the 3rd. Hence, your last check before the 2025 COLA increase is sent will be due on December 2, 2024.
In this case, no changes are expected and all eligible retirees will receive their money on the most frequent payday. The 2025 COLA increase will boost all retirement payments by about 2.5%.
This means you will get on average $50 extra from January 3, 2025. That represents a moderate boost but is still necessary for retirees who have a low income and rely on Social Security. In one year, retirees could receive about $600 extra per year after the COLA boost.
WASHINGTON – Congress on early Saturday passed a bill that would increase Social Security benefits for public sector workers.
The Social Security Fairness Act, would eliminate the Windfall...
Investing in the S&P 500 (^GSPC 1.09%) has historically been a great way for someone to grow their wealth. As a benchmark for the broad market, the index...
Employee access to a payroll deduction plan improves retirement security, yet about half of working Americans lack access to such a plan, according to...
