Here is all you need to know about this month’s Social Security payments, which go out in three rounds.
What is it?
President Franklin Delano Roosevelt signed the Social Security Act into law in 1935. The Social Security Administration was created to manage it. The agency sends monthly checks to beneficiaries to supplement or replace their incomes once they stop working.
When does the check arrive?
Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.
Retirees born between the first and 10th of a month received their payments on Nov. 13. Beneficiaries born between the 11th and 20th of a month received their checks on Nov. 20, and retirees born on or after the 21st of a month will receive their payments on Nov. 27.
When am I eligible?
U.S. citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
The time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect how much beneficiaries receive in the program.
Payments largely depend on the recipients’ retirement age. Retiring at the youngest age, 62, allows up to $2,710 per month, while delaying retirement until age 70 can allot up to $4,873 per month, according to the SSA.
Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.
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How is it financed?
Social Security is financed by a payroll tax paid by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.
