The Social Security Administration has set some of the forthcoming payments American retirees should know about. That means even if some retirees did receive a check or direct deposit last week, the new payment will not arrive any time soon for eligible retirees. In fact, it will be a week or more before the administration is able to make the payment for their monthly.
The next Social Security payment in November will actually be made on November 13, 2024, because November 30 falls on a weekend. The first check for pre-1997 retirees is a 12-day difference from the one for people who qualify for the first Wednesday since the previous monthly payment was due November 1.
Will you receive a Social Security payment on November 13?
If you’ve received a check (or direct deposit) on November 1, you’re ineligible. That’s because you had payments bigger than $255 before May 1997 or you are getting retirement along with Supplemental Security Income payments.
Only those who have been getting Social Security since after April 30, 1997, will receive a new payment on November 13, 2024.
If you meet the previously mentioned conditions, retirees with a birthday from the 1st to the 10th of any given month will receive Social Security on November 13.
Also Read: November 2024 Stimulus Update: Which States Are Sending Payments?
How much can retirees get from Social Security on November 13?
Your Social Security payments are based on work history. So every direct deposit or check might be different. If you have no idea what a payment might be like, SSA did the average checks for retirees.
By September 2024, the average check is a little over $1,921. Also remember that this is just an average. There are retirees that get a much lower payment because they only filed at 62 and they only worked for 10 years.
In fact, other retirees can get a payment of up to $4,873. By this point, the amount will be even higher as the 2025 COLA will come into effect in January 2025. But to get such large payments, you must have:
- earned the contribution a benefit base and worked for 35 years in jobs covered by SSA
- filed at 70
- remain eligible and do not break SSA rules
Conclusion
Finally, Social Security payment schedules can vary substantially, at times, according to the timing of payment and individual circumstances of each recipient. The second payment is available for retirees eligible on November 13, 2024 and is based on years worked and contribution history; it provides financial support.
These payments are guaranteed by the Social Security Administration to meet its pre-established guidelines, which include specific requirements for eligibility based on age groups and work histories. Being aware of your payment date, eligibility and average expected amount can assist in the balancing of your finances as you know what adjustments might come down the line, such as in 2025 with the COLA.
Also Read: Who Qualifies for a $6,400 Stimulus Check? Find Out If You’re Eligible!
FAQs
Q. When will the next Social Security payment for retirees be made?
A. Due to the fact that November 30 is a weekend, the next Social Security payment for retirees is scheduled for November 13, 2024.
Q. Who is eligible to receive the Social Security payment on November 13, 2024?
A. The payment on November 13, 2024, is only for retirees age 65 or over beginning their Social Security payment date no later than April 30, 1997, and born with a birthday from the 1st to the 10th of their month.
Q. What factors determine the amount of the Social Security payment retirees receive?
A. Retirees will receive Social Security payments based on how much they contributed and their work history, which can vary significantly. As of September 2024, the average retiree check is just under $1,921, but it could be as high as $4,873 if you’ve worked long enough in all 12 years.
Q. Will retirees who received a Social Security check on November 1 be paid on November 13?
A. Retirees who received a Social Security check or direct deposit on November 1 won’t qualify for the November 13 payment, says no. It includes those who received payments greater than $255 before May 1997 or who received retirement payments together with Supplemental Security Income payments.
Q. How can I prepare for changes in my Social Security payments in 2025?
A. Your payment dates, eligibility and average expected amounts are all important to stay informed about. Being aware that there could be potential changes, such as the 2025 cost-of-living adjustment (COLA), will help you make the necessary changes in finance and balance your finances.