As November is about to hit the calendar, millions of U.S. retirees and other beneficiaries eagerly anticipate the arrival of their monthly payments from the Social Security Administration (SSA). Every month, the SSA ensures a comfortable retirement for those aged 67 who have opted for full retirement benefits. However, it’s not just this particular group that’s in for a treat.
Other retirees and individuals with disabilities will also receive their Social Security payments on the same date, all of them getting an important Cost of Living Adjustment (COLA) increment from the month of January 2023.
The Timing of Social Security Payments in November 2023
While the scheduled payment date for November is set to start from Wednesday, November 8, there’s an essential caveat related to the recipient’s date of birth. Social Security adopts a precise approach when allocating benefits, and understanding this can help recipients better plan their finances.
On November 8, which is merely two weeks away, the SSA will assign November’s benefits to those pensioners born between the 1st and the 10th of the month. This marks the third payment cycle of the month in the United States.
On the third Wednesday of the month, which is November 15, beneficiaries born between the 11th and the 20th of the month can expect their payments. The fourth Wednesday of the month, November 22, marks the arrival of the next payment. This payment is the final Social Security disbursement for November. On this day, those born between the 21st and the 31st of the month will receive their money.
Your Social Security Payments to Increase from January 2024
COLA, or Cost of Living Adjustment, is an annual adjustment made to Social Security benefits to counteract the effects of inflation. It ensures that your benefit amount keeps pace with the rising cost of living, thereby safeguarding your financial well-being during your retirement years.
For the 2024 fiscal year, the COLA increase was fixed as 3.2%, following a quieter inflation rate, which was less than half compared to that ferocious 8.7% from the previous year. The COLA increase is calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the prices paid by urban consumers for a market basket of goods and services. The percentage increase, if any, is then applied to your Social Security benefits.
The new payments, from January 2024, will be as follows:
|Average monthly increment
|Average 2024 payment
|Worker with disabilities
|Senior couple, both receiving benefits
|Widow(er) with two children