The U.S. Social Security Administration has made a crucial announcement for 67-year-old retirees who have opted for full retirement. This group, along with other retirees and people with disabilities, are about to receive their November pensions.
Although the scheduled date for payment is Wednesday, November 8, it is important to note that there is a specific requirement related to date of birth.
In one week, specifically on November 8, Social Security will assign November benefits to those pensioners born between the 1st and 10th of the month, marking the third payment of the month in the United States.
Next Social Security payment
To make sure you don’t have any problems with your Social Security payments in November, here is the complete payment schedule:
- Nov. 8: Second Wednesday of the month, for those born between the 1st and 10th of the month.
- November 15: Third Wednesday of the month, for those born between the 11th and 20th of the month.
- November 22: Fourth Wednesday of the month, for those born between the 21st and 31st of the month.
It is advisable to activate Direct Deposit to immediately access the money that Social Security sends you for your retirement. Otherwise, it could take up to 3 days to reach your pocket.
It is important to mention that, although the Social Security Administration generally makes payments on time, occasionally delays or problems may occur.
If your payment takes longer than three days to arrive after being sent by the SSA, you can contact them to report the problem and claim your benefit. Another option is to check with your bank to see if there are any problems with your personal information that may be causing a delay. For example, if you recently got married, divorced or moved without updating your bank, they may hold your payment until they can verify your information.
Social Security: How much will the 2024 COLA increase be and how much will I collect?
According to the most recent estimate by The Senior Citizens League, one of the nation’s largest nonpartisan seniors groups, Social Security’s 2024 cost-of-living adjustment (COLA) could be 3%. If the COLA were to increase by 3%, average monthly payments would be about $54 dollars larger.
The estimate for the 2024 COLA (Cost of Living Adjustment) in the USA was calculated using data from the July Consumer Price Index report. According to this report, the CPI-W, which measures inflation, increased by 2.6% compared to the previous year. However, it’s important to note that the average monthly inflation rate has been slightly on the rise since January of this year, which is why the estimated COLA for 2024 is set at 3%.
Keep in mind that this 3% estimate is preliminary and subject to change. The official 2024 COLA will be announced by the Social Security Administration (SSA) in October. This adjustment will go into effect in December and will be reflected in the January Social Security payments for the following year. It’s essential to stay updated on these changes to better plan your finances.