Retirees are suffering the consequences of skyrocketing prices. Therefore, more and more pensioners have run out of money before their next payment arrives. November 15 is here and so is your new check if eligible.
If you filed for Social Security and received payments before May 1997, this check is not for you. Only those who received Social Security from May 1997 onward may qualify.
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What is more, there is a requirement that is mandatory. Unless you meet this condition, you will not cash a payment on November 15, 2023. In case you have no idea about this requirement, it has to do with the day you were born.
Retirees’s eligibility for the November 15 payment
Not only did you have to file for Social Security, but you should also have your birthday between the 11th to the 20th. This check will be in your bank account if you have requested direct deposit.
Some seniors may have opted for receiving their monthly amount on a Direct Express® Debit Card®. However, it is much better to collect your monthly retirement benefit in your bank account. It will definitely be safer and faster.
Those who receive the November 15 check from Social Security can get up to $4,555. Nevertheless, the average amounts are not so high. As a matter of fact, retired workers get approximately $1,841. That is not even $2,000, so it is a lot less.
The largest check at Full Retirement Age is $3,627 in 2023. Those seniors on Social Security at 62 can collect a payment of up to $2,572 in 2023. Therefore, early filing means receiving about 30% less.
Last payment in November for eligible retirees
If your birthday is from the 21st to the 31st of any month and you did not qualify for the previous payments, you will collect your check on November 22, 2023. Of course, you must have applied for Social Security before. It will only be for retirees who have already received benefits, but not before May 1997.
Make sure you plan your monthly budget before your money arrives. By doing so, you will be able to stick to it and save money. Inflation can play havoc with your financial situation when you least expect it.
If you believe your economic situation has become worse, apply for Supplemental Security Income payments. It is possible to cash Social Security and SSI at the same time. SSI payments may be worth up to $914 in 2023.
In order to receive your new COLA increase all you have to do is wait until January. The payments in November will not have the new COLA but they include the 2023 COLA increase. December 29 will bring the new COLA boost but just for those on Supplemental Security Income.