The U.S. Social Security Administration has some exciting news for retirees, especially those who are 67 years old and have reached full retirement age. They, along with other beneficiaries like disabled individuals, are going to get an extra payment this November.
This means they will be receiving their second check for the month. This update is certainly good news for those who rely on Social Security benefits to make ends meet, providing them with some additional financial support during this month.
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Key payment dates and requirements
- Nov. 8: Benefits for those born between the 1st and 10th of the month.
- Nov. 15: For those born between the 11th and 20th of the month.
- November 22: For those born between the 21st and 31st of the month.
It is important to note that these payments are part of the third disbursement cycle of the month in the United States. Beneficiaries are advised to use Direct Deposit for faster access to their funds, as traditional methods could result in a delay of up to three days.
Payment Delays
Although the Social Security Administration usually ensures timely payments, occasional delays may occur. If your payment is delayed more than three days after remittance, it is advisable to contact the SSA or check with your bank for any problems with your personal information that may be causing the delay.
Looking Ahead – COLA Increase in 2024:
The Senior Citizens League, a leading nonpartisan senior citizens group, predicts a 3% cost-of-living adjustment (COLA) for Social Security in 2024.
This estimate is based on the July consumer price index report, which showed a 2.6% increase in the CPI-W, a measure of inflation. However, this is a preliminary estimate and the official announcement will be made by SSA in October, making the adjustment effective in December and reflected in January payments.
Staying informed about these updates is crucial for financial planning and to ensure you receive the benefits to which you are entitled.