Generally, there are five Social Security payments every month. This month is no exception and there will be 5 different checks in November. The following payday will be the last one.
Some retirees have recently collected their retirement benefits on November 15. However, some beneficiaries will have to wait longer to cash their money from the Social Security Administration.
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Social Security has announced that the last payment in November will be on November 22. For your information, this payment will bring the 2023 COLA, but not the 2024 COLA.
Who qualifies for the Social Security payment on November 22?
Seniors who received retirement benefits before May 1997 will not collect any money on November 22. If you didn’t, you would have to meet one more requirement to be eligible.
Only those seniors whose birthday is from the 21st to the 31st can be eligible for the payment on November 22. Of course, they must have filed before to cash retirement benefits.
Social Security never sends payments if you have never filed, not even if you may be entitled to payments. That is why it is so important to make sure you know how retirement benefits work.
For example, late filers can get more money per month while early filers get a reduction. What is more, even if you and someone else receive money on the same day, your amounts may be different.
How much money can seniors older than 62 get from Social Security on November 22?
If you are 62 years old or older, you can get about $1,841 on average. Bear in mind that your Social Security retirement benefits depend on your previous earnings, work history, and filing date.
For example, the largest payment in retirement from the Administration is $2,572 at 62 in 2023. That amount increases to $3,627 if you retire in 2023 at Full Retirement Age.
A senior who files for retirement checks at 70 this year can collect a payment worth up to $4,555. Between filing at 62 and 70 there is a difference of $1,983. So make sure you know if you can afford to get such a large reduction.
The Social Security Administration will send the new COLA increase on December 29. So if you are on Supplemental Security Income, that will be your payday. Retirees will have to wait until January 3, 10, 17, or 24 to cash their new amount.