In November 2024, retirees in the United States receiving Social Security benefits will have three different payment dates based on their birth dates.
These payments, issued by the Social Security Administration (SSA), are essential for millions of American retirees. However, keep in mind that these payments do not yet include the 2025 Cost of Living Adjustment (COLA) increase, which will take effect starting January 2025.
Here’s everything you need to know about the November payment schedule, average benefit amounts, and how to qualify.
November 2024 Social Security Payment Dates
Social Security payments are scheduled according to the recipient’s birth date:
- November 1: For those who started receiving Social Security benefits before May 1997 and recipients who qualify for both Social Security and Supplemental Security Income (SSI).
- November 13: For retirees with birthdays from the 1st to the 10th.
- November 20: For retirees with birthdays from the 11th to the 20th.
- November 27: For retirees with birthdays from the 21st to the 31st.
Only those who have applied for Social Security benefits are eligible to receive payments. The timing of your filing also affects your benefit amount; filing early can reduce benefits, while delaying benefits beyond full retirement age can increase them.
Average and Maximum Social Security Payments in November
The average Social Security benefit for retirees in November 2024 is around $1,921. However, individual payments can vary widely depending on factors like work history, age at filing, and contribution amounts. Here’s a breakdown:
- Average Monthly Benefit: $1,921 for most retirees.
- Maximum Monthly Benefit: $4,873, achievable by retirees with higher-than-average earnings and who filed at the maximum age for benefits.
It’s essential to note that November’s payments do not include the 2.5% COLA increase announced for 2025. The first COLA-adjusted check will be issued on January 3, 2025.
Family Benefits for Spouses and Children
Once a retiree applies for Social Security, eligible family members, such as spouses and children, may also receive benefits based on the retiree’s work record. Here’s what family members might expect to receive on average:
- Spousal Benefits: $909
- Child Benefits: $892
These family benefits can provide additional support to households, but eligibility requirements must be met, and the amounts depend on the retiree’s earnings record.
Important Considerations for Social Security Recipients
- Filing Age Impacts Payment Amounts: Filing at age 62 results in reduced benefits, while delaying benefits up to age 70 can increase the monthly amount.
- COLA Adjustments Starting January 2025: The 2.5% increase for 2025 will be reflected in the payments issued on January 3, 2025, so November and December payments will remain at the 2024 rates.
- Eligibility for Family Benefits: Spouses and children may qualify to receive benefits on a retiree’s record, provided they meet SSA requirements. These benefits can be valuable additional income for eligible families.
For Social Security retirees, November brings several payment dates, with amounts averaging $1,921. Understanding the schedule and potential benefit amounts can help retirees manage their monthly budget.
Additionally, starting January 2025, retirees can look forward to a 2.5% increase due to the COLA adjustment. For the latest information and to ensure timely payments, keep your account information current on the SSA website or contact your local Social Security office.
