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Social Security beneficiaries will experience varying payment schedules this November. Only select recipients will receive payments on November 27, while others await disbursement in December. This comes as the Social Security Administration announces a 2.5% cost-of-living adjustment for 2025, marking the lowest increase since 2021.
The November 27 payment applies only to retirees whose birthdays fall between the 21st and 31st of each month. Beneficiaries in groups one through three will then await their scheduled payments in December. This structured distribution system aims to manage payments efficiently across different beneficiary categories.
Recipients in group one, who started receiving benefits before 1997, will not receive payments on November 27. Similarly, group two beneficiaries, who began receiving Social Security after May 1997 and have birthdays between the first and 10th of each month, and group three recipients, who have birthdays between the 11th and 20th, must wait for their scheduled December payments.
An additional Supplemental Security Income payment is scheduled for November 29. Due to the weekend scheduling conflict, this payment has been moved forward from December 1, ensuring timely delivery of funds to SSI recipients, including disability retirees and individuals over age 65 enrolled in the program.
Here are some of the changes to look for in 2025.
The Social Security Administration reports that more than 72.5 million Americans will be affected by the upcoming 2.5% cost-of-living adjustment in 2025. This adjustment will result in an average increase of $50 per month in retirement benefits, a notable decrease from previous years' increases.
Joe Elsasser, certified financial planner and president of Covisum, a Social Security claiming software company, notes, "Although price increases have moderated, it is not as though inflation is over." This observation comes as the annual adjustment shows a downward trend from the substantial increases of 8.7% in 2023 and 5.9% in 2022, followed by a 3.2% adjustment in 2024.
Medicare beneficiaries will face increased costs in 2025. The standard monthly Part B premium will rise to $185, representing a $10.30 increase from the current year's $174.70. The annual deductible will also increase by $17, reaching $257 in 2025 compared to $240 in 2024.
These Medicare Part B premiums are determined based on beneficiaries' modified adjusted gross income from two years prior. In 2025, individuals with modified adjusted gross income equal to or less than $106,000 in 2023, and married couples with income equal to or less than $212,000, will pay the standard monthly premium.
The Centers for Medicare and Medicaid Services indicates that approximately 8% of Medicare Part B beneficiaries will be subject to income-related adjustment amounts. This will result in higher monthly premium payments for those with higher incomes.
Social Security recipients may need to reassess their tax withholding strategies for the coming year. Jim Blair, vice president of Premier Social Security Consulting, suggests beneficiaries consider adjusting their withholdings, particularly if they anticipate increased benefit taxation.
Social Security benefits are taxed using a combined income formula that includes adjusted gross income, nontaxable interest, and half of the benefits. Based on these calculations, beneficiaries may face no taxation, or up to 50% or 85% of their benefits may be subject to federal taxes, depending on their combined income thresholds.
Brian Vosberg, certified financial planner and president of Vosberg Wealth Management in Glendora, California, observes, "What we have seen with clients is kind of a surge in other income that has caused more of their Social Security to be taxed."
The Social Security Administration will send notices to beneficiaries detailing the specific changes to their monthly payments before the 2025 adjustments take effect. These notifications will help recipients understand how the cost-of-living adjustment and Medicare premium changes will impact their benefits.
