Retirees who have been receiving Social Security benefits for over 27 years may soon notice important updates in their payment schedule before the upcoming Cost of Living Adjustment (COLA) for 2025. This article will cover key details regarding payment dates for seniors who started collecting benefits before May 1997 and how the 2.5% COLA increase will impact their monthly Social Security income starting in the new year.
Understanding Payment Schedules for Long-Term Social Security Beneficiaries
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The Social Security Administration (SSA) organizes payments differently depending on when retirees began receiving benefits. This scheduling adjustment is particularly relevant for those who started receiving retirement benefits before May 1997. These long-term beneficiaries can anticipate updates to the timing of their payments for both November and December 2024.
In addition to retirement benefits, some seniors who qualify for Supplemental Security Income (SSI) may also receive payments on these specific dates. Seniors receiving both Social Security retirement benefits and SSI payments will see both payments scheduled on the same date.
November Payment Changes for Pre-1997 Retirees
For November 2024, the SSA has announced an adjustment in the payment schedule. Typically, pre-1997 retirees would receive their payments on November 3. However, this year, November 3 falls on a Sunday, which would result in delays due to bank processing schedules. To ensure that all retirees receive their payments without disruption, the SSA has shifted the November payment date forward to November 1.
This scheduling change only applies to pre-1997 retirees, ensuring timely delivery of Social Security payments in the first week of November. For SSI recipients, the November payment date is also set for November 1, while the December SSI payment will arrive on November 29, providing two payments in November.
December Payment Dates for Pre-1997 Retirees
The December Social Security payment for pre-1997 retirees will follow the regular schedule, arriving on December 3. This payment is notable as it will be the last before the 2025 COLA increase takes effect. While there are no additional adjustments for December, retirees can expect this payment to be delivered on time and in alignment with SSA’s standard procedures.
The 2025 COLA Increase: What Pre-1997 Retirees Can Expect
Starting January 2025, retirees will see a 2.5% increase in their Social Security benefits due to the annual COLA adjustment. This moderate boost aims to help Social Security beneficiaries manage rising living costs. For the average retiree, this 2.5% adjustment translates to an increase of about $50 per month, totaling approximately $600 over the course of the year. This COLA increase will be especially helpful for retirees with lower incomes who rely on Social Security as a significant source of financial support.
With these payment changes, retirees who began receiving benefits before May 1997 can look forward to a smooth transition into 2025, aided by the latest COLA increase.
Final Thoughts
Pre-1997 Social Security beneficiaries should mark the adjusted payment dates for November and be prepared for their final regular payments in December before the new COLA takes effect. The upcoming 2.5% increase, while modest, will offer a financial lift that reflects rising living costs and the SSA’s commitment to supporting seniors.
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