In November 2024, Social Security beneficiaries will receive two payments on a single day, a change implemented by the Social Security Administration (SSA) to avoid delays caused by weekends [0e02808d]. Specifically, Supplemental Security Income (SSI) payments will be processed on November 1, while Social Security Disability Insurance (SSDI) payments will arrive 48 hours earlier than usual [0e02808d]. For SSI beneficiaries, the maximum payment is set at $943 per month for individuals and $1,415 for couples [0e02808d]. Additionally, SSI recipients will receive their December payment on November 29, 2024, since December 1 falls on a Sunday [0e02808d].
This adjustment comes amid the announcement of a 2.5% cost-of-living adjustment (COLA) for Social Security and retirement benefits, effective January 2025 [562b5dfd]. This increase, which translates to an average monthly boost of $50 for individuals and $75 for married couples, is lower than previous years and has raised concerns among recipients about its adequacy in addressing inflation [562b5dfd][0e02808d]. Nearly 68 million beneficiaries are expected to be affected by this COLA adjustment, which will be discussed further in Congress in November [562b5dfd].
Delegate James Moylan of Guam has highlighted the importance of these payments, emphasizing that they will help seniors manage rising costs [562b5dfd]. The last significant COLA was an 8.7% increase in 2022, and many seniors have reported that their monthly expenses have continued to rise, leading to increased financial strain [8d7623c8]. Critics argue that the 2.5% increase may not be sufficient to alleviate these challenges [63c1e1de].
In light of these developments, President Biden's proposed reforms for Social Security, which include reinstating the payroll tax on income above $400,000 and switching to the Consumer Price Index for the Elderly (CPI-E) for determining annual COLAs, are under discussion [c01ce7ac]. As retirees prepare for the upcoming changes, it is crucial for them to stay informed and adjust their financial plans accordingly [9582dac4].