The second round of November’s Social Security payments, worth up to $4,873 for the highest-income earners who retire at age 70, will go out to the second group of retirees in one days.
Here is everything you need to know about this month’s Social Security payments.
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When does the check arrive?
Social Security payments usually begin on the second Wednesday of every month with the following waves going out in the subsequent weeks. The timing of payments depends on which day of the month the beneficiary was born.
Retirees born between the 1st and 10th of a month received their checks last week. Beneficiaries born between the 11th and 20th of a month will receive their checks on Nov. 20, and those born on or after the 21st of a month will receive their payments on Nov. 27.
How can I maximize my check?
The amount beneficiaries receive depends on the time of retirement, the amount paid into Social Security, and the number of years paid into Social Security.
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 access a personalized estimate of how much they can expect each month through the SSA’s calculator.
When am I eligible?
Eligibility for Social Security payments begins at 62 years old.
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How is it financed?
Social Security is financed by a payroll tax paid by both 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.