As the year draws to a close, Social Security retirees face a crucial deadline: November 20. Taking timely action by this date is essential to ensure seamless access to vital benefit information and to facilitate effective financial planning for the upcoming year.
Understanding the November 20 Deadline
The Social Security Administration (SSA) has set November 20 as the cutoff date for retirees to create or update their personal My Social Security accounts. This online portal provides retirees with immediate access to their benefit details, including the upcoming Cost-of-Living Adjustment (COLA) for 2025.
By establishing or updating this account by the specified date, retirees can view their COLA notice online starting in early December, enabling them to plan their finances accordingly.
Benefits of a My Social Security Account
A My Social Security account offers retirees a range of services designed to simplify the management of their benefits:
- Access to COLA Notices: View the 2025 COLA notice online in early December, ahead of physical mailings.
- Benefit Verification: Obtain official benefit verification letters for various purposes.
- Replacement Documents: Request replacement Social Security cards and 1099 tax forms.
- Application Status: Check the status of applications for benefits or appeals.
- Benefit Management: Update personal information, such as address and direct deposit details.
2025 Cost-of-Living Adjustment (COLA)
In October, the SSA announced a 2.5% COLA for 2025, the smallest increase in four years. This adjustment aims to help retirees maintain their purchasing power amid inflation. For context:
- Average Monthly Benefit in 2024: $1,921
- Average Monthly Benefit in 2025: $1,969
- Annual Increase: Approximately $576
Understanding this adjustment is crucial for retirees as they plan their budgets for the coming year.
Physical COLA Notices
For those who prefer traditional communication methods, the SSA will mail physical COLA notices throughout December. However, delays in postal services can occur, making the online my Social Security account a more timely option for accessing this information.
Steps to Create or Update a My Social Security Account
- Visit the SSA Website: Navigate to the official SSA website.
- Select ‘my Social Security’: Click on the ‘my Social Security’ link.
- Create an Account: Provide the necessary personal information to set up your account.
- Verify Your Identity: Follow the prompts to verify your identity securely.
- Access Your Account: Once verified, log in to access your benefit information.
Key Dates and Actions for Social Security Retirees
| Date | Action Required | Purpose |
|---|---|---|
| November 20 | Create or update my Social Security account | Access 2025 COLA notice online in early December |
| Early December | View COLA notice online | Begin financial planning with updated benefit info |
| December | Await physical COLA notice by mail | For those without online access |
| January 2025 | Receive adjusted benefit payments | Reflecting the 2.5% COLA increase |
Meeting the November 20 deadline to establish or update your my Social Security account is a proactive step toward effective financial planning. This action ensures timely access to your 2025 COLA information, allowing for informed budgeting decisions. Embracing the online tools provided by the SSA can lead to a more streamlined and efficient management of your retirement benefits.
