If You're on Social Security, Don't Miss This Nov. 19 Deadline

When you are retiring and deciding when to claim Social Security, there are a ton of different things that you need to consider. You need to understand when your full retirement age is, how your decision to claim benefits will affect your spouse, and how to determine when you'll break even if you delay a benefits claim.

Once you've started your checks, though, you may assume it's all smooth sailing from there, and your job is to just sit back and collect the money. While that is largely true, there are some steps you need to take each year to stay on top of your benefits and ensure you're receiving the money you expect and deserve.

One of those tasks must be done by Nov. 19, which means that you are running out of time to check it off your list. Here's what you need to do so you can get started if you haven't already.

Image source: Getty Images.

Every Social Security retiree needs to take care of this task by Nov. 19

Social Security retirees must ensure that they have registered online for a my Social Security account by Nov. 19. Those who have already created this account in past years should log in to confirm they know the details -- but anyone who doesn't have an account at all definitely needs to get to work on signing up.

Here's why: Social Security benefits are going to increase in 2026, and retirees are on track to get a Social Security COLA next year. Specifically, anyone collecting benefits will receive a 2.8% raise. But the raise isn't calculated just by adding 2.8% to your current benefit. The formula is more complicated, as the Social Security Administration explains.

When you get a COLA, the SSA applies the increase to your primary insurance amount, or the standard benefit available at full retirement age. The SSA then adjusts that amount by applying early filing penalties or delayed retirement credits, depending on when you claimed benefits.

Since this is complicated, getting the number directly from the SSA is the best way to find out exactly how much your COLA is going to be. And if you want to do that, you should have a my Social Security account.

The SSA has announced that you will need to be signed up for this account no later than Nov. 19 in order to see your COLA notice online. If you miss the deadline, you will have to wait to receive notification of your new benefit by mail.

The SSA will not begin sending out mailed notices until early December, and it will take longer to receive the news. Those who meet the November deadline will not need to worry about that. They can sign up to receive an email or text alert whenever a new message is uploaded to their online account, and they will be notified immediately when the SSA posts the COLA notice online for them.

Completing this key Social Security task by Nov. 19 is simple

The good news is that completing your Social Security task by the deadline is relatively easy. You can visit my Social Security online to sign up and provide some basic identifying details. The COLA is provided to help ensure your benefits keep pace with inflation, so you can check to see how much more money you will have next year to maintain your standard of living.

As part of your retirement planning process for the upcoming year, you can make adjustments to your budget and to the amount you hope to withdraw from other retirement plans, based on how much your check will be after the COLA.

Making informed choices about how to use your Social Security benefits, along with 401(k) and IRA distributions, is crucial to achieving a financially secure retirement. Be sure to sign up by the deadline so you can be armed with the information you need to adjust your spending and protect your financial future.

The Motley Fool has a disclosure policy.