Urgent warning for all Social Security recipients to make important decision by November 20 or risk crucial information
SOCIAL Security recipients must take immediate action to ensure they don’t risk missing crucial details.
Neglecting to do so by November 20 could mean a wait on access to information about how much money they’ll get in 2025.
Many retirees know the Social Security basics — like monthly payments arriving on Wednesdays depending on their birthday — and that the annual cost-of-living adjustment (COLA) in mid-October will determine how much they get in benefits the following year.
Last month, the Social Security Administration (SSA) confirmed the COLA for 2025 after predictions all year long.
An increase of 2.5% will be given, the lowest in about four years.
Inflation has been rampant since 2020 but only recently cooled off, despite a spike last month.
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That, unfortunately, means a smaller increase for recipients, but the cost of goods and services is going down, ideally making it easier to pay for living expenses.
With the 2.5% increase, monthly benefits will increase from $1,921 to $1,969, or about $23,628 annually from $23,052 in 2024.
While those are the numbers, Social Security distributions are different for everyone depending on how many years they worked in their life, how much money they made during that time, and when they decided to start claiming benefits.
Recipients will start seeing the increase in January.
ONLINE OPPORTUNITY
However, they must take action by November 20 to have access to all the details and services they might need, per USA Today.
November 20 is the deadline for Social Security recipients to sign up for a My Social Security Account online.
The account is completely free and will confirm the exact amount of money recipients can expect in 2025 so they can prepare budgets for the New Year.
Additionally, retirees with an account can put in a request for a replacement Social Security card, get their 1099 tax form, check the status on any application, and manage their current benefits, among other features.
If they make the November 20 deadline, the My Social Security Account will also allow recipients to view their COLA notice and see their increases at the beginning of December.
Of course, the account isn’t needed — although it’s extremely beneficial.
WHEN SOCIAL SECURITY PAYMENTS ARE MADE
Social Security payments are issued on the second, third, or fourth Wednesday of each month based on the recipient’s birthdate:
- Second Wednesday: For individuals born between the 1st and 10th of the month
- Third Wednesday: For those born between the 11th and 20th
- Fourth Wednesday: For those born between the 21st and 31st
Physical letters with the COLA notice will be sent out all through December for help with budgeting expenses in 2025.
CASH NEEDED
Knowing more information about the increase is absolutely vital for many people.
Data collected by the SSA shows that nine out of 10 Americans over 65 got benefits in 2024 as of June 30.
Social Security payments also account for around 30% of annual income for those 65 and above.
At least 12% of men and 15% of women said it was 90% of their income.
Read More on The US Sun
Americans should also remain aware of a new round of Social Security checks worth over $4,800 going out soon, with two ways to get the cash.
A payment of $943 is also being automatically sent out this month.
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