Social Security update: No payments in the week of November 5, here’s why
According to Vibes.okdiario, The Social Security Administration (SSA) will not be issuing any payments on November 5, coinciding with the presidential general election. However, this lack of payments is purely coincidental. There is a specific reason for the absence of other payments during that week.
Early Payment Schedule for November
Typically, Social Security payments are scheduled for November 3. This year, however, November 3 falls on a Sunday, which means the SSA cannot issue monthly payments for retirees or disability recipients when their offices are closed and banks are not operational. Consequently, these payments will be issued early on November 1, 2024.
Payment Details for Beneficiaries Aged 62 and Older
The SSA has confirmed that the payment normally scheduled for November 3 will instead be distributed on November 1. This means all eligible beneficiaries will receive their new payment 48 hours before their regular payday.
Combining Payments: SSI and Retirement Benefits
Receiving the Social Security payment ahead of schedule could lead to unexpected financial benefits for many recipients. Beneficiaries who are eligible for both Supplemental Security Income (SSI) and retirement benefits may find it advantageous to receive both payments on the same day. SSI payments are typically distributed on the first of the month, making this early Social Security payment a welcome surprise.
Will the November Payments Include the 2025 COLA Increase?
It’s important to note that neither SSI nor Social Security payments in November will reflect the additional 2.5% Cost-of-Living Adjustment (COLA) increase. SSI recipients will see this cost-of-living increase applied to their payments starting December 31, 2024. Retirees will not see the 2025 COLA increase until payments are issued on January 3, 8, 15, or 22.
Expected Payment Amounts for November
For November payments, the average Social Security check is expected to be approximately $1,920. However, some retirees may receive significantly lower amounts if they:
- Filed for benefits at age 62
- Worked for the minimum number of years
- Did not contribute much to the SSA through taxes
For SSI recipients, the maximum payment on November 1 will be up to $943, with eligible married couples potentially receiving up to $1,450. On average, SSI checks are around $698, but it’s essential to remember that many recipients also receive Social Security benefits, which can lead to reductions in their SSI payments.
