For retirees who started receiving Social Security before May 1997, there are important updates to the 2024 payment schedule and upcoming adjustments tied to the 2025 Cost-of-Living Adjustment (COLA).
Here’s a quick breakdown of the remaining payments for 2024, the reasons for scheduling changes, and what to expect with the COLA increase in January 2025.
Payment Changes in November 2024
The Social Security Administration (SSA) adjusts the payment schedule when regular payment dates fall on weekends or holidays. For November, retirees who filed for Social Security benefits before May 1997 will receive their payments on November 1 instead of the typical date of November 3.
This change was made to avoid delays since November 3 falls on a Sunday this year, a day when banks are closed.
If you’re a pre-1997 retiree or an individual receiving Supplemental Security Income (SSI), you can expect your payment in your bank account or by check on November 1.
Additionally, if you qualify for SSI benefits, you’ll also receive your December SSI payment early, scheduled for November 29, 2024, to avoid issues with the standard January 1 payment falling on a holiday.
Summary Table of Key Dates for November and December
| Payment Type | Scheduled Date |
|---|---|
| November Social Security Payment | November 1, 2024 |
| December SSI Payment | November 29, 2024 |
December 2024 Payment Schedule
The December payment for retirees who began collecting Social Security before May 1997 will occur on December 3, 2024. Unlike November, this December payment follows the usual schedule with no adjustments needed.
This payment will be the final one issued before the 2025 COLA increase goes into effect.
The SSA has indicated that the 2025 COLA will introduce a modest 2.5% boost, which will take effect starting with the January 3, 2025 payment. This increase is intended to help offset the rising costs of essentials like groceries, healthcare, and housing for those reliant on Social Security.
What the 2025 COLA Increase Means for Retirees
The 2.5% COLA increase translates into approximately $50 more per month for most Social Security beneficiaries. This adjustment results in an estimated $600 increase per year, helping low-income retirees keep pace with inflation and maintain a more stable standard of living.
For individuals with limited resources or a reliance on Social Security as a primary income source, this boost, though modest, provides essential financial relief.
Summary of Upcoming 2025 Payment Increases
| Month | Payment Date | COLA Increase Applied |
|---|---|---|
| January | January 3, 2025 | Yes |
| February | February 3, 2025 | Yes |
Key Takeaways for Pre-1997 Social Security Retirees
- Early November Payment: Payments will be issued on November 1 to avoid conflicts with weekend bank closures.
- Final 2024 Payment in December: The December Social Security payment will be made on December 3 as usual.
- 2025 COLA Increase: Starting January 2025, a 2.5% COLA will provide about $50 extra per month, adding up to an estimated $600 annually.
With these updates, pre-1997 Social Security beneficiaries can plan their budgets more effectively, anticipating early payments in November, normal schedules in December, and a welcome increase beginning in January 2025.
