Final Social Security Payments for Pre-1997 Retirees Before 2025 Cost-of-Living Adjustment
Not all workers retire on the same date, which is why the Social Security Administration (SSA) differentiates payment schedules between those who began collecting retirement benefits before May 1997 and those who did not. This distinction also affects retirees who receive Supplemental Security Income (SSI), as they will share paydays with those who received benefits before May 1997.
November Payments Announcement
For November, the SSA has made an important announcement regarding payment dates. Unlike the usual schedule where payments are issued on November 3, this month, retirees will receive their payments earlier. Direct payments and checks will be issued on November 1. This adjustment is made to avoid any delays that would occur if payments were sent on a Sunday, November 3, when banks would not be able to process them. Thus, retirees will receive their payments two days ahead of schedule.
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It’s important to note that there will not be another retirement benefit payment in November for those who filed before May 1997. For SSI recipients, the payments will also be deposited into bank accounts on November 1, with the following month’s payment scheduled for November 29, 2024.
December Payments for Pre-1997 Filers
Looking ahead to December, retirees who filed for Social Security before May 1997 will receive their payment on December 3. This will be the last payment before the 2025 Cost-of-Living Adjustment (COLA) increase, which will take effect in January. The last check before the increase will be issued on December 2, 2024.
No changes are anticipated for the December payment schedule, and all eligible retirees will receive their money on the regular payday. The upcoming COLA for 2025 is expected to boost all retirement payments by approximately 2.5%, which translates to an average increase of around $50 starting January 3, 2025. While this is a moderate increase, it is significant for many retirees living on low incomes who rely heavily on Social Security benefits. Over the course of a year, retirees could see an additional $600 due to the COLA adjustment.
