Millions of retired Americans are set to see a boost in their Social Security payments this month, thanks to a 2.5% cost-of-living adjustment (COLA).
This increase is meant to help recipients keep up with rising living costs. But that’s not the only good news this November—some beneficiaries might even see two payments hit their accounts before the month ends!
Why Some Will Get a Second Check in November
This Article Includes
For those receiving Supplemental Security Income (SSI), there’s a unique payment schedule at play this year. Generally, SSI payments arrive on the first of each month.
However, due to an SSA timing rule, December’s SSI check will arrive early, landing in mailboxes on November 29. This happens whenever the first of the month falls on a weekend or holiday, prompting the SSA to release payments on the last business day of the previous month.
How This Timing Quirk Extends into Early 2025
This shift in payment dates doesn’t end with November; it will continue affecting payments into early 2025. Here’s a quick look at the upcoming changes:
- January’s SSI payment will arrive early, on December 31.
- February’s payment will come on January 31.
- March’s check will arrive on February 28.
These date adjustments help ensure that beneficiaries don’t face delays when their usual payment date falls on a non-business day.
Understanding the COLA and What It Means
The SSA’s annual cost-of-living adjustment is designed to help Social Security recipients keep pace with inflation. This year’s 2.5% increase, while modest, is a welcomed bump that can help offset higher prices for essentials. Beneficiaries can expect this adjustment to be reflected in their monthly payments starting this month.
For anyone relying on Social Security income, these adjustments—both in payment schedule and monthly amounts—can make a real difference. As we move through the new year, it’s wise to keep an eye on these updated payment dates to avoid any surprises.