The Social Security Administration will not send any payments on November 5, when the presidential general election will take place. But this is just a coincidence. However, there is a reason why there will be no other payments during this week.
There is usually a Social Security payment on November 3. Nevertheless, November 3 is Sunday and the Agency cannot issue monthly payments for retirees or disability recipients when offices are closed and banks do not open their branches. So, these checks will be issued on November 1 instead.
When will the Social Security check be issued for 62-year-olds and older?
The Agency has confirmed that the November 3 will be issued on November 1, 2024. Hence, all eligible beneficiaries will get a new payment 48 hours before their regular payday.
Getting this Social Security payment ahead of schedule may mean additional surprises. It will be unexpected for many to get both Supplemental Security Income (SSI) and retirement benefits on the same payday.
For your information, the SSI payment usually arrives on the first. So, it will be great for those who are eligible for the early Social Security payment and SSI simultaneously.
Will the November 1 Social Security payments include the 2025 COLA increase?
No SSI or Social Security payments in November will include the additional 2.5% COLA increase. Supplemental Security Income recipients will be able to enjoy the cost-of-living increase on December 31, 2024.
Retirees will not be able to collect the 2025 COLA increase until January 3, 8, 15, or 22. As for the payment amounts in November, average checks will be approximately 1,920 dollars. Some retirees can receive a lot less if:
- they filed at 62,
- worked for the minimum number of years and
- did not pay much money to SSA on taxes
SSI recipients will get a payment of up to $943 on November 1. Eligible married couples can get up to $1,450. On average SSI checks can be about $698. Bear in mind that many recipients also get Social Security so they get reductions.