Good news for retirees born between these days – Social Security announces $4,873 payment on Nov. 20

The Social Security Administration (SSA) recently confirmed that retirees and disabled workers will be getting more money this week. Millions of Americans get Social Security payments every month from the federal government.

Because there are so many recipients, payments are not made to everyone on the same day. This year, benefits like retirement, disability, and death benefits are expected to be paid out for about $1.5 trillion.

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People who were born between November 11 and November 20 will get their monthly benefits on November 20, according to SSA rules.

Remember that in order to get this payment, the beneficiaries must have met the full retirement age, worked, and paid into Social Security requirements before the death.

Retirees born between the 11th and 20th will get a new Social Security check.

The Retirement, Survivors, and Disability Insurance (RSDI) program’s monthly payments are based on the date the beneficiary first claimed Social Security benefits and the date of their birth, according to the Social Security payment schedule.

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If someone in this program applied for benefits before May 1997, they would begin getting them on the third of each month, unless that day was a federal holiday or the weekend.

Should they start getting benefits after that date, though, they will get their Social Security checks based on these rules:

• On November 13th. Retirees whose birthdates fall between the 1st and the 10th will get their Social Security check on the second Wednesday of the month.
• On November 13th. Retirees whose birthdates fall between the 11th and the 20th will get their Social Security check on the second Wednesday of the month.
• On November 13th. Retirees whose birthdates fall between the 21st and the 31st will get their Social Security check on the second Wednesday of the month.

Cost-of-living adjustments (COLAs) have not yet been sent to beneficiaries, but they will be in October. This is when it will be officially announced how much benefits will rise in 2025.

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Mary Johnson, an independent Social Security and Medicare policy analyst, says that the COLA for retirement and disability benefits in 2025 will be 2.5%.

This is less than the 2.57 percent estimate that was made in August. Johnson worked out that the Social Security Administration would add about $46.80 to a beneficiary’s monthly benefit if they got $1,870.

As of January 2024, participants were getting an average of $1,907 a month in retirement benefits. The 35 years of a person’s life when they made the most money are used to figure out their Social Security benefits, along with changes for inflation.

Also, the Social Security Administration’s website says, “Your maximum benefit is based on your retirement age.” For example, if you retired at full retirement age in 2024, the most you would get would be $3,822.

But if you retired at age 62 in 2024, the most you would get would be $2,710. Lastly, if you retired at age 70 in 2024, the most you could get would be $4,873.

Johnson also says that the official COLA announcement will happen on October 10.

Every year, prices go up based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) rates for the third quarter of the year (July, August, and September).

The CPI-W says that in 2024, beneficiaries’ payments will go up by 3.4%. A huge 8.7 percent increase will be given to retirees and other beneficiaries in 2023.

How will the new 2.5% COLA increase impact Social Security payments in 2025?

From January 2025 on, retired workers and people with disabilities will get the following Social Security checks, thanks to the 2.5% cost of living adjustment (COLA) that starts the following year:

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