The US government has put in place a number of ways to make sure that retirees and people who get Social Security checks can continue to buy things over time
. Every year, there is a raise called a COLA that takes inflation and the cost of living into account. This is one of the most important changes. This change is very important for the millions of people who depend on Social Security as their main source of income.
The COLA is added automatically every year, and it affects everyone who gets Social Security income. Even though the raise is not always big, this year it really did make a difference in monthly payments.
This measure makes sure that people who get help can keep up with rising prices for things like housing, health care, and other important services.
For people getting Social Security benefits, November 2024 is a very important month because it is when the 2024 COLA raise will be reflected, making their payments bigger than they were in 2023 and previous years.
November Social Security payment schedule with COLA included
For people who get Social Security, November 2024 will be a very important month because it is the first month they will see the full raise due to the COLA adjustment.
Beneficiaries need to know the times so they can plan their finances well and make sure they get their payments on time.
The payment plan for November 2024, which includes the COLA raise, is shown below:
- November 1: Payment for SSI and retirees getting pre-May 1997 benefits.
- November 13: Post-May 1997 retirees with birthday falls between the 1st and 10th of the month.
- November 20: Post-May 1997 retireeswith birthdays between the 11th and 20th of the month.
- November 27: Post-May 1997 retirees with birthdays between the 21st and 31st of the month.
- November 29: Decenber SSI Payment.
All beneficiaries must follow this plan exactly as written because the COLA adjustment will be fully applied, which will mean that each month’s payment will be higher than it was in previous years.
This change happens automatically, which makes your money safer, especially when prices are going up.
Maximize Your Social Security Payment
Besides the COLA raise, there are other things that Social Security recipients can do to get the most out of their payments. These tips can help people who are already getting benefits as well as people who are still deciding when to start getting benefits.
Delay retirement: While it may be tempting to start getting payments at age 62, waiting until full retirement age or even beyond significantly increases the monthly amount. Each year that retirement is delayed, payments increase by as much as 8% annually.
Working for 35 years or more: The Social Security payment calculation is based on the 35 highest-earning years. If you do not work during this minimum period, years with zero earnings are included in the calculation, which reduces the average and, consequently, the amount of the benefit.
Increase wages during the working years: The higher the earnings during the working years, the higher the amount the beneficiary will get in his or her monthly Social Security check.
Taking these steps can have a big effect on how much Social Security you get in the end.
People who are getting close to retirement should think about these methods to get the most out of their monthly payment. Current beneficiaries can use the COLA to get a higher income in retirement.
Also see:-If you live with a disability beneficiary prior to this year, you can get two payments next week
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