Social Security Payments Update Specially For These Retirees Before 2025 COLA Increase: Know Details

By Amit Tiwari

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Social Security Payments Update Specially For These Retirees Before 2025 COLA Increase

For retirees who started collecting Social Security before May 1997, the end of 2024 comes with some important updates about payment schedules and the upcoming Cost-of-Living Adjustment (COLA).

These retirees have a different payment schedule compared to those who began receiving benefits later, and understanding these changes can help recipients stay on top of their finances. Here’s what to expect for the remaining payments in 2024 before the 2025 COLA increase takes effect.

November Payment for Pre-1997 Retirees

In November, retirees who filed for Social Security benefits before May 1997 will receive their payment earlier than usual. Typically, this group would receive their payments on the 3rd of each month. However, since November 3 falls on a Sunday, the Social Security Administration (SSA) has adjusted the schedule to ensure timely processing by banks. Here’s the updated payment schedule:

  • November Payment Date: November 1, 2024

This adjustment means pre-1997 retirees, as well as Supplemental Security Income (SSI) recipients, will receive their payments two days early. There won’t be an additional retirement payment in November for pre-1997 retirees, so it’s essential for recipients to plan accordingly.

December Payment for Pre-1997 Retirees

Looking ahead to December, the usual schedule for pre-1997 retirees will resume. For the final Social Security payment of the year, retirees can expect the following:

  • December Payment Date: December 3, 2024

This payment will be the last one before the 2025 COLA increase takes effect, ensuring all retirees receive their usual benefits without any interruptions. December’s payment marks the final check under the 2024 rates, as the new COLA increase will be reflected starting in January.

2025 COLA Increase

The 2025 COLA increase will provide a boost of approximately 2.5% to Social Security benefits. For most retirees, this will result in an average monthly increase of around $50, starting with the January 3, 2025, payment.

Over the course of a year, this adjustment could add roughly $600 in extra benefits, which is designed to help offset rising living costs.

The COLA adjustment is particularly important for low-income retirees who rely on Social Security as their primary or sole source of income. While 2.5% may seem modest, it provides additional support to help cover rising expenses in essential areas such as groceries, healthcare, and utilities.

Key Payment Dates for Pre-1997 Retirees

For easy reference, here’s a summary of the remaining Social Security and SSI payment dates for pre-1997 retirees in 2024:

Month Payment Type Payment Date
November Social Security & SSI November 1, 2024
November SSI (December Payment) November 29, 2024
December Social Security (final 2024 rate) December 3, 2024
January 2025 Social Security (with 2025 COLA) January 3, 2025

The early payment dates in November help avoid banking delays, while the 2025 COLA increase starting in January offers some financial relief in the new year.

This payment schedule ensures that retirees can receive their benefits without delays, allowing them to manage their finances more effectively. For retirees on fixed incomes, even small increases like the 2.5% COLA can make a noticeable difference, underscoring the importance of these regular Social Security adjustments.


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Amit Tiwari

A tax law expert with a knack for breaking down complex regulations into digestible insights. Amit’s articles on the tax news blog offer invaluable guidance to readers navigating changes in tax legislation.

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