New payment is here for those who are 67 or older. Social security recently announced the delivery of a check worth up to $4,555 to those eligible seniors who retired at age 70 in 2023. Another option is to cash in a payment worth up to $3,627 if they file at full retirement age.
Those seniors who are under 67 and over 62 can also cash in a little money. Their check may be smaller, however, as the most at 62 is $2,572 in 2023. These Social security pension benefits include the 2023 COLA increase. The new COLA won’t arrive for them until January 2024.
The thing is, not all seniors qualify for this large payment, and not all of them may receive the money on the same payday. In November there are only two Social security payments remaining. One is on November 15th and the second is on November 22nd.
67 and older who may be eligible for this Social Security payment
If you submitted and received retirement benefits after May 1997 and your date of birth is from the 11th to the 20th, you are eligible. Note that you may receive a direct deposit on November 15th. If there is a delay and your check does not arrive, please allow up to three days for mailing.
It is always advisable to contact your financial institution or bank to see where your payment is first. Then call or visit your local office to find out why your check was delayed. If you are 62 years old and meet all the requirements, you may receive a check, but with a discount.
Filing before full retirement age means getting less money. If your birthday does not fit in the days Social Security Administration requires, you may have to wait an additional week to redeem your payment.
The maximum amounts of these payments are the same on both November 15th and November 22nd. The only difference is the day you receive your payment. Make sure you apply for direct deposit because it’s much safer and faster.
Who will get Social Security money on November 22?
To be eligible, you must first have applied for retirement benefits. If you did not receive benefits before May 1997, they may be yours. But only if your birthday is not from the 1st to the 20th.
Social security will send the checks to pensioners on November 22, but only if their birthday is between the 21st and 31st. The average payment is the same for all pension payments in November.
The Administration said the average payment was $1,841 as of September 2023. Therefore, most seniors could receive a similar amount. Some 67-year-olds and older may get less or more money. Remember that there is no fixed amount for all retired workers.
The amount of your Social Security check depends on your previous earnings, the number of years you worked, and the age at which you filed for retirement benefits. Working for at least 35 years is key to not reducing your monthly payments. For your info, SSDI beneficiaries also receive checks on November 15 and 22.