SOCIAL Security payouts are set to hit Americans’ bank accounts next week.
Beneficiaries have three potential payment dates in November.
Social Security money will soon be deposited into the bank accounts of beneficiaries[/caption]
Social Security payments are issued at different points throughout the month[/caption]
Social Security provides a financial safety net for many Americans, offering retirement benefits, disability income, and survivor support to qualifying individuals.
The payments go out primarily to retired Americans and their dependents, but also to those with disabilities and families in which a spouse or parent has died.
Social Security recipients receive payment once monthly, and the payout date is determined by the beneficiary’s birthday.
Those with a birth date on the 1st through 10th of their birth month receive their benefits on the second Wednesday of each month.
Americans born on the 11th through the 20th of their birth month are paid on the third Wednesday of each month.
Finally, beneficiaries with a birth date from the 21st through the 31st of their birth month receive payment on the fourth Wednesday of each month.
This month, payments will go out on November 13, November 20, and November 27.
While most Americans are paid depending on their birthday, there are two exceptions.
Those who receive Supplemental Security Income are generally paid on the first of each month, and Americans who filed for benefits before May 1997 typically receive payment on the third of each month.
CHECK PLEASE
The amount that Social Security beneficiaries are paid each month is based on their lifetime earnings and the age they chose to receive their first check.
The longer Americans wait to retire, the larger their monthly Social Security checks are.
Americans who decide to retire at 62 in 2024 can receive a maximum monthly Social Security payment of $2,710.
Those who wait until their full retirement age, or FRA, in 2024 can receive a maximum monthly payment of $3,822.
The FRA is based on the year you were born:
- 1943–1954: age 66
- 1955–1959: age 66 and a certain number of months, increasing by two months each year:
- 1955: 66 and 2 months
- 1956: 66 and 4 months
- 1957: 66 and 6 months
- 1958: 66 and 8 months
- 1959: 66 and 10 months
- 1960 or later: age 67
Who can receive Social Security Benefits?
In addition to retired Americans, the following categories of people are eligible to receive Social Security payments:
- Someone with a qualifying disability
- A spouse or child of someone getting benefits
- A divorced spouse of someone getting or eligible for
Social Security - A spouse or child of a worker who died
- A divorced spouse of a worker who died
- A dependent parent of a worker who died
Source: Social Security Administration
Americans who postpone their Social Security benefits until age 70 can receive a maximum monthly payment of $4,873.
For this reason, experts advise Americans to hold off on their benefits as long as possible.
“To maximize your Social Security payments, delaying your collection is an excellent strategy,” Social Security expert Shalae Morgan previously told The U.S. Sun.
“The longer you wait to collect your Social Security, the better it will be for you.”
She shared how delaying your retirement could earn you $26,000 more each year plus a practical way to maximize your benefits.
The expert also discussed tricks to get free money and how “reinventing yourself” can find you alternative sources of income.
