Misty Severi is a breaking news reporter for the Washington Examiner. She has a particular interest in the United States military, European and international politics, and U.S. and European history.
The first round of Social Security payments for November, worth up to $4,555 for people who retire at 70, will be sent out to millions of retirees in nine days.
The initial wave of payments will be released on Nov. 8, and it will be for those born between the 1st and 10th of the month. Those who have birth dates from the 11th through the 31st of any month will receive their checks for the month during one of the two later waves of distribution this month, which go out on Nov. 15 and Nov. 23, respectively.The Social Security Administration sends out payments on the second, third, and fourth Wednesdays of each month, but each recipient gets one check.
The maximum amount of the Social Security payments vary based on the age a person retires. For example, those who retire at 62, the youngest age to 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.The amount of the benefits is expected to rise by 3.2% in 2024, 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 future of Social Security is currently unclear due to the risk of insolvency as early as 2034. Analysts predict insolvency would 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.
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