People who are retired in the United States are worried about the news that Social Security benefits will not be going up again until the end of 2024.
Many Social Security recipients were hoping that their monthly checks would go up, but the Social Security Administration has confirmed that the next increase and the 2.5% annual cost-of-living adjustment (COLA) will not happen until 2025.
This change is meant to counteract inflation and keep beneficiaries’ purchasing power steady.
Because of this change, the highest amounts of payments made in November and December will stay the same as they were at the start of the year.
This lack of change can be hard for retirees, especially those who depend on their Social Security check to cover their costs of living while prices are going up. Many people hope that the rise in 2025 will make up for the shortfall caused by year-end payments.
But even though the numbers are stable, retirees need to know how much they will get in their next payments and how these amounts will be shown.
This article talks about the highest amounts of Social Security that people can get in November and December. It also breaks down when payments are due.
What is the Social Security maximum in November and December 2024?
For the last two months of 2024, there will be no changes to the maximum amounts of Social Security in the United States.
So, the amounts are set at $3,822 for people who retire fully or because of a disability, $4,873 for people who retire later, and $2,710 for people who retire early. Since these amounts were set at the start of the year, they will not change until 2025.
To get these maximum benefits, beneficiaries must meet certain conditions, such as having worked for 35 years at a high salary and not retiring before they were fully retired, among other things.
By setting these maximum amounts, the government hopes to provide a lot of financial help, especially to people who have worked hard and paid a lot into Social Security.
It is important to remember that even though the maximum payments are set, each recipient gets a different amount based on how much they have worked and contributed in the past.
But for people who have already reached these limits, the COLA adjustment planned for 2025 could give them a nice pay raise.
Social Security payments in November and December 2024
When it comes to November and December 2024, the Social Security Administration will pay people as usual. November’s first payment will go to retirees who got their benefit before May 1997.
It will be made on November 1. People born between November 1 and 10 who retired after May 1997 will get their money on November 13. The second group of retirees, whose birthdays are between November 11 and November 20, will get their money on November 20.
The third group, whose birthdays are between November 21 and November 31, will get their money on November 27.
The plan will be the same in December. Following groups of beneficiaries born after May 1997 will receive payments on December 3, 11, 18, and 24. These payments will be based on their dates of birth.
Because this schedule does not change, beneficiaries can plan their monthly expenses around when their checks are deposited.
For retirees, this schedule helps them plan their monthly budget and guess when they will get their money.
Even if the amounts do not change during the rest of the year, the dates stay the same so that everyone who gets Social Security knows when they will get their money.
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