The first round of Social Security payments for November, worth up to $4,555 for seniors who retired at 70, will be sent out to millions of retirees in one week.
Seniors who were born between the first and 10th of their birth month will receive the initial wave of retirement payments on Nov. 8. Those who have birth dates from the 11th to the 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, respectively.
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The Social Security Administration sends out payments in three disbursements that go out on the second, third, and fourth Wednesdays of each month, but each recipient just gets one check.
The maximum amount of Social Security payments varies based on the age at which a person retires. For example, those who retire at 62, the youngest age at which one can receive payments, can get up to $2,572 per month, while those retiring at 70 can receive up to $4,555 per month, according to the Social Security Administration. Those who retire at the full age of retirement, 67, can see a maximum check of up to $3,627 per month.
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 amount of the benefits is expected to rise next year by 3.2%, according to the SSA. The increase will be the same percentage for all payments sent out by the administration, including retirement and disability pay.
The distant future of Social Security is unclear due to the risk of insolvency as early as 2034. Analysts predict insolvency will occur unless important 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.
