Each month, the Social Security Administration distributes SSI payments benefits to retirees, people with disabilities, and the families of deceased workers. With a wide array of categories and about 70 million recipients, not everyone receives their payment on the same day. The exact deposit date varies based on factors like the beneficiary’s birth date and the specific type of benefit they’re eligible for.
This week, people with birthdays between the 1st and 10th of any month will receive their payment on Wednesday, November 13. This schedule, however, does not apply to those receiving Supplemental Security Income (SSI) or to individuals who have been claiming retirement benefits since before May 1997.
When will other beneficiaries receive their SSI payment?
Following the initial group, beneficiaries whose birthdays fall between the 11th and 20th will receive their benefits on November 20. Finally, those born between the 21st and 31st will see their monthly payment deposited on November 27. This staggered approach ensures a smoother, more manageable distribution process, helping the Social Security payment system to run efficiently.
People who have been receiving benefits since before May 1997 or those who also receive SSI should have already received their November payment earlier this month. If a beneficiary does not receive their funds on the expected date, the SSA advises waiting at least three business days before reaching out for assistance. This waiting period allows time for any minor delays that may occur in payment processing or delivery.
What determines the amount you receive from Social Security?
Social Security retirement benefits are calculated individually, based on a person’s highest-earning 35 years of work. If a person has worked more than 35 years, only their top-earning years are considered in the calculation. This structure is designed to reward those who have contributed more substantially during their career by ensuring that their benefits reflect their work history.
In June 2024, the average monthly retirement benefit for Social Security recipients was $1,869.77. However, some beneficiaries may receive as much as $4,873 per month, which is only possible if they choose to retire at age 70. Conversely, those opting to claim Social Security benefits at the earliest age of 62 will see a maximum cap of $2,710 per month.
Annual adjustment of Social Security benefits
Social Security benefit amounts are not fixed; they adjust annually based on the Consumer Price Index. This adjustment, called the cost-of-living adjustment (COLA), is applied each year to help benefits keep pace with inflation. For 2025, this adjustment will amount to a 2.5% increase. The purpose of this yearly increase is to help beneficiaries maintain their purchasing power despite inflation, ensuring they can cover essential expenses without the value of their benefits eroding over time.
The annual COLA is especially important for those who rely primarily on Social Security benefits as their main income source. During periods of high inflation, like the past few years, these increases are particularly beneficial for retirees and others who may be on a fixed income. The COLA allows them to meet rising costs without a significant decline in their quality of life.
What to do if you don’t receive your payment on the scheduled date
If a beneficiary doesn’t receive their expected payment on the designated date, the SSA recommends waiting at least three business days before reaching out to them. This grace period accounts for potential delays that might happen in the processing or transfer of funds. Should the payment still be missing after this waiting period, contacting the SSA will help to identify and correct any issues, ensuring the beneficiary receives their due funds.
Retirement planning: when is the best age to start claiming benefits?
The age at which a person chooses to begin receiving Social Security benefits has a substantial impact on the monthly amount they receive. If they choose to start at age 62, they’ll receive a smaller monthly amount than if they wait until they’re 67 or even 70. This is because benefit amounts are calculated in proportion to the age at which a person begins to claim, with higher amounts awarded to those who defer until the latest eligible age.
For those who can afford to delay, waiting until age 70 can maximize their monthly benefit. This approach can be particularly helpful for people who want to ensure a larger income during their retirement years, and it’s something many consider carefully when planning their long-term finances.
Upcoming changes to Social Security benefits
Starting in 2025, beneficiaries will see a 2.5% increase in their payments due to the cost-of-living adjustment. This annual increase by the SSA aims to assist beneficiaries in managing the rising cost of living, which can fluctuate unexpectedly. Such an adjustment is valuable, especially when the costs of goods and services rise, as it provides an additional safeguard for recipients’ financial stability.
This annual review of benefits ensures that Social Security recipients have income that adjusts, at least to some extent, with the realities of the market. This COLA system is one of the ways the SSA looks out for beneficiaries’ financial well-being over time, helping them retain purchasing power as economic conditions shift.