Everyone in the United States is watching to see what will finally happen to the COLA for next year 2024. While it is true that the increase figure for next year has already been announced, it is not yet possible to add that amount of money to our Social Security benefit. For that reason, benefits carried in the month of November will not have an increase over the usual payments.
Likewise, Supplemental Security Income (SSI) checks will not have an extra payment as they do in some months. This may be bad news, since at the end of the year getting an extra payment in advance can be very useful for, for example, preparing for the Christmas campaign at home. Still, it is true that in the end we will get the SSI payment anyway, but it will also not have the 2024 COLA included.
The most important thing to know regarding these two pieces of information is that the COLA will have no effect on November Social Security checks and that the SSI payment will come only once. Keeping this in mind will make next month’s financial arrangements much easier. Also, knowing the exact timing of payments can help us become more financially stable.
In any case, the COLA benefit increase is about to reach American households. While it is true that we will have to wait until the first of the 2024 payments this could come sooner than we think due to an irregularity in the schedule. Do you already know how much your Social Security check will increase by 2024?
COMPLETE SOCIAL SECURITY PAYMENT SCHEDULE FOR NOVEMBER 2023 WITH THE ADDED COLA
The 2023 COLA was 8.7% and that increase will go added into the November 2023 checks, just as it has for the rest of the year’s payments. Thus, the 2022 maximum payment of $4,194 became $4,555 at the beginning of 2023.
This maximum check of $4,555 in 2024 will arrive on different days in the month of November. This is the complete schedule with all payments for this month:
- November 1st. Supplemental Security Income payment. The 2023 COLA brought this check up to the maximum monthly $914.
- November 3rd. Any retiree with pre-1997 Social Security collects their benefit on this day regardless of their birthday.
- November 8th. Retirees with a post-1997 check and birthdays between the 1st and 10th of the month collect on this day.
- November 15th. Retirees with birthdays between the 11th and 20th of any month and a retirement date after 1997 are paid on the third Wednesday of the month.
- November 22nd. Last Social Security payment for retirees. This check is only for beneficiaries with birthdays between the 21st and 31st of the month who have a benefit after 1997.
With this information, you will know when you will get your Social Security check in November. Also, the COLA for 2024 could arrive in December 2023 for certain beneficiaries. For this to occur, an SSI beneficiary must have an active Direct Deposit. This will cause this benefit payment to arrive on December 29th of this year.