U.S. Government Increases Social Security Payments in November 2024 Due to Cost-of-Living Adjustment (COLA)

The US government has put in place several ways to make sure that retirees and people who get Social Security checks can continue to buy things over time. Every year, there is a raise called a COLA that takes inflation and the cost of living into account. This is one of the most important changes. This change is very important for the millions of people who depend on Social Security as their main source of income.

The COLA is added automatically every year, and it affects everyone who gets Social Security income. Even though the raise isn’t always big, this year it really did make a difference in monthly payments. This measure makes sure that people who get help can keep up with rising prices for things like housing, health care, and other important services.

For people getting Social Security benefits, November 2024 is a very important month because it’s when the 2024 COLA raise will be reflected, making their payments bigger than they were in 2023 and previous years.

The November Social Security payment plan includes the COLA

For people who get Social Security, November 2024 will be a very important month because it is the first month they will see the full raise due to the COLA adjustment. Beneficiaries need to know the times so they can plan their finances well and make sure they get their payments on time.

The payment plan for November 2024, which includes the COLA raise, is shown below:

• November 1: Payment for SSI and retirees getting pre-May 1997 benefits.
• November 13: Post-May 1997 retirees with birthdays fall between the 1st and 10th of the month.
• November 20: Post-May 1997 retirees with birthdays between the 11th and 20th of the month.
• November 27: Post-May 1997 retirees with birthdays between the 21st and 31st of the month.
• November 29: December SSI Payment.

All beneficiaries must follow this plan exactly as written because the COLA adjustment will be fully applied, which will mean that each month’s payment will be higher than it was in previous years. This change happens automatically, which makes your money safer, especially when prices are going up.

All beneficiaries must follow this plan exactly as written because the COLA adjustment will be fully applied, which will mean that each month’s payment will be higher than it was in previous years. This change happens automatically, which makes your money safer, especially when prices are going up.

Get the most out of your Social Security payment

Besides the COLA raise, there are other things that Social Security recipients can do to get the most out of their payments. These tips can help people who are already getting benefits as well as people who are still deciding when to start getting benefits.

• Delay retirement: It may be tempting to start getting payments at age 62, but the monthly amount will be a lot higher if you wait until you are fully retired or even after that. The amounts go up by up to 8% every year that the retirement date is pushed back.
• More than 35 years of work: The 35 years with the most money earned are used to figure out how much Social Security to pay. During this minimum time, if you don’t work, years with no earnings are added to the calculation. This lowers the average and, as a result, the amount of the benefit.
• Raise wages when people are working: When someone gets their monthly Social Security check, the amount they get will depend on how much they made while working.

Taking these steps can have a big effect on how much Social Security you get in the end. People who are getting close to retirement should think about these methods to get the most out of their monthly payments. Current beneficiaries can use the COLA to get a higher income in retirement.