Millions of retirees will see the first wave of November’s Social Security payments, worth up to $4,555 for seniors who retired at 70, in four days.
Seniors who were born between the 1st and 10th of their birth month will receive the initial round of retirement payments on Wednesday, Nov. 8. Those who have birth dates from the 11th through 31st of any month will receive their monthly check during one of the two later waves of distribution this month, which go out on Nov. 15 and Nov. 23.
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The Social Security Administration sends out payments in three disbursements on the second, third, and fourth Wednesdays of each month, and each recipient gets one check.
The maximum amounts of the Social Security payments vary based on the age at which an individual retired. For example, those who retired at 62, the youngest age to possibly receive payments, can get up to $2,572 per month, and those who retired at 70 can receive up to $4,555 per month, according to the SSA. Those who retire at the full age of retirement, which is currently 67, can see a maximum check of up to $3,627 per month.
The payments are different for each person. Recipients can see a personalized estimate through the SSA’s calculator.
Regular Social Security checks are different from other payments given out by the SSA, such as disability insurance or Supplemental Security Income. Those checks are distributed on a different schedule.
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The distant future of Social Security is unclear due to the risk of insolvency as early as 2034. Analysts predict insolvency will occur unless action is taken by Congress to prevent it. Any change that does take place for the program would not affect those who are already on Social Security.
The immediate future will see payments rise by 3.2% next year as part of annual adjustments based on inflation, according to the SSA. The increase will be the same percentage for all payments sent out by the administration, including retirement and disability pay.
