Beneficiaries will witness a massive increase
The Cost of Living Adjustment or COLA is going to hike the Social Security payment for the recipients in November 2024. It is an annual adjustment provided to the retirees and the recipients of Social Security, which helps them cope up with the inflation and living cost increases.
COLA Impact on Payments
This automatic increase is applied to Social Security benefits every year, based on an adjustment in living costs. In 2024, the COLA translated into a real good-sized increase in monthly allotments toward such necessities as housing, health care, and other critical services.
November 2024 Payment Schedule
The November 2024 schedule is the first month of full implementation of the COLA increase. Payments are made according to the following schedule:
- November 1: SSI and pre-May 1997 retirees.
- November 13: Post-May 1997 retirees born between the 1st and 10th.
- November 20: Post-May 1997 retirees born between the 11th and 20th.
- November 27: Post-May 1997 retirees born between the 21st and 31st.
- November 29: December SSI payment.
Strategies to Maximize Benefits
Here are strategies which beneficiaries can employ to receive higher Social Security benefits.
1. Retirement after the age of 62; waiting this long increases one’s monthly checks substantially.
2. Working for 35 years; working all your life helps one achieve an entire 35-year average earnings calculation.
3. Higher Earnings: As long as wages increase with working years, then benefit payments will too.
These tactics, along with the COLA increase, bring more safety and security in the pocket of the aging group as well as those dependent on their social security check, allowing them to cope with the economic crisis better.
