The Social Security Administration (SSA) will start sending out checks and delivering direct deposits to over 72.5 million Americans. It will depend on the type of benefit when you get your monthly payment.
Bear in mind that there are retirement, disability, spousal, survivor, and SSI benefits. The only one that is federally funded and does not receive money from the SSA Trust Fund is Supplemental Security Income. This benefit is for low-income citizens who do not have enough resources either.
Social Security payments in November after Halloween
Once the Halloween celebration is over, there will be payments. On the one hand, SSI recipients who remain eligible will get their direct payment on November 1 as usual. On the same day, retirees will also get their check or direct deposit.
The Social Security Administration cannot send money on Sunday, November 3, so they send it on the previous business day. Therefore, November 1 will be your payday if:
- you are collecting Supplemental Security Income payments (SSI) and Social Security at the same time, or
- you began receiving direct deposits or checks from the SSA before May 1997
Only hundreds of American retirees will receive $4,873 from Social Security
For your information, there are 4 conditions to receive so much money from the Agency. One of them is to file at the age of 70. Applying for retirement benefits when you turn 70 means you will take advantage of delayed credits.
These delayed credits will boost your payments up to 24%. Secondly, you must have worked for at least 35 years. In some cases, it must be longer because you have not earned the taxable maximum for 35 years, which is another essential requirement.
Finally, do not forget that the jobs you have must be covered by SSA. Those citizens who do not pay enough payroll taxes to Social Security cannot get $4,873 from the SSA.