Millions of Americans Anticipate November Payments: Social Security Includes 2023 COLA

Millions of Americans Anticipate November Payments: Social Security Includes 2023 COLA. As November approaches, millions of Americans are preparing for the upcoming payments from the Social Security Administration, which will include the 2023 Cost of Living Adjustment (COLA).

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November Payment Schedule Unveiled by Social Security Administration

The Social Security Administration (SSA) has released the new payment schedule for November. After the October 25 disbursement to recipients on Social Security Disability Insurance (SSDI) or retirement benefits, eligible beneficiaries can expect increased payments.

Five Social Security Payments in November

Throughout the month of November, there will be a total of five Social Security payments. For retirees, the maximum benefit can reach up to $4,555, while Supplemental Security Income (SSI) recipients will receive $914, and SSDI beneficiaries will see payments of $3,627.

Important Note on COLA Increase

It’s worth noting that, although these monthly payments include an 8.7% increase due to the 2023 COLA, recipients should not anticipate the new amounts related to the 2024 COLA, as the Administration’s announcement on October 12 for the 2024 COLA is not yet ready. The changes will take effect in January, with the exception of the SSI check on December 29.

When Will Recipients Receive Their First Social Security Payment?

The first Social Security payment for November will be disbursed on November 1, 2023. However, this payment is exclusive to SSI recipients. To qualify, individuals must meet certain criteria, including filing, and either having a disability, being blind, or reaching the age of 65.

Variations in SSI Payments for Different Recipient Groups

Married couples will receive the highest SSI payment, which can go up to $1,371 with the 2023 COLA, while the lowest amount is designated for essential individuals, at up to $458. The subsequent payment date will be on November 3, 2023.

Payment Schedule for Retirement and SSDI Beneficiaries

On November 3, 2023, Social Security will issue payments to retirees and SSDI beneficiaries who began receiving benefits prior to May 1997. These payments will include the 8.7% increase from the 2023 COLA.

Payment Options for Those Who Did Not Previously Receive Social Security

If you did not file for Social Security and did not receive payments before May 1997, there are three possible payment dates, with amounts potentially reaching up to $4,555. However, the average benefit for most seniors is around $1,841.

For SSDI recipients, the benefit amount is lower, with an average of $1,486. Eligibility for these payments depends on your birthdate:

If your birthdate falls between the 1st and the 10th: Payment will be made on November 8, 2023.
For birthdates between the 11th and the 20th: Payment is scheduled for November 15, 2023.
Birthdates from the 21st to the 31st: Payment is expected on November 22, 2023.

Consider Alternatives for Eligibility

If you do not qualify for the Wednesday payments or if your check is too low, consider applying for Supplemental Security Income (SSI). This additional support can be a valuable resource for SSDI and retirement beneficiaries.