There are five in total Social security payments monthly. This month is no exception and there will be 5 different ones checks in November. The next paycheck will be the last.
Some retirees recently received their retirement benefits on November 15. However, some beneficiaries will have to wait longer to cash theirs money from Social Security Administration.
Social security announced that the last payment in November will be on November 22. FYI this payment will bring COLA for 2023 but not 2024 CAR.
Who is eligible for a Social Security payment on November 22?
Older people who received pension benefits before May 1997 will not collect money on 22 November. If you haven’t, you’ll need to meet one more requirement to be eligible.
Only seniors whose birthdays are between the 21st and 31st may be eligible for payment on 22 November. Of course, they must have filed before that to cash in the retirement benefits.
Social Security never sends payments if you never filed, even if you may be eligible for payments. That’s why it’s so important to make sure you know how pension benefits work.
For example, late filers can get more money per month, while early filers get a discount. What’s more, even if you and someone else receive money on the same day, your amounts may be different.
How much money can seniors over 62 receive from Social Security on November 22?
If you’re 62 or older, you can get an average of about $1,841. Keep in mind that your Social Security retirement benefits depend on your previous earnings, work history and filing date.
For example, the maximum retirement payment from the administration is $2,572 at age 62 in 2023. This amount increases to $3,627 if you retire in 2023 at full retirement age.
A retiree who files for retirement checks this year at age 70 could receive a payment of up to $4,555. Between the submission of 62 and 70 there is a difference of $1983. So make sure you know if you can afford to get such a big discount.
The Social Security Administration will send out the new COLA increase on December 29th. So if you’re on Supplemental Security Income, this will be your pay day. Pensioners will have to wait until January 3, 10, 17 or 24 to cash in their new amount.