A new payment is here for those who are 67 years old or older. Social Security has recently announced the delivery of a check worth up to $4,555 for those seniors who are eligible and have retired at the age of 70 in 2023. Another possibility is to cash a payment worth up to $3,627 if they file at Full Retirement Age.
Those seniors who are younger than 67 and older than 62 may also cash some money. However, their check may be smaller since the largest amount at 62 is $2,572 in 2023. These Social Security retirement benefits include the 2023 COLA boost. The new COLA will not arrive for them until January 2024.
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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 just two Social Security payments left. One of them is on November 15 while the second one is on November 22.
67-year-olds and older that may qualify for this Social Security payment
If you filed and received retirement benefits after May 1997 and your birthdate is from the 11th to the 20th, you are eligible. Bear in mind that you may receive a direct deposit on November 15. If there is any delay and your check does not arrive, wait for up to three mailing days.
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 see why your check is delayed. If you are 62 and meet all the requirements, you may receive a check but with a reduction.
Filing before the Full Retirement Age means getting less money. If your birthday does not fit in the days the Social Security Administration requires, you may have to wait one more week to cash your payment.
The maximum amounts of these payments are just the same on both November 15 and November 22. The only difference is the day you collect your payment. Make sure you have applied for a direct deposit because it is much safer and faster.
Who will get money from Social Security on November 22?
In order to be eligible you must have filed for retirement benefits first. If you did not receive benefits before May 1997, it could be yours. But only if your birthday is not from the 1st to the 20th.
Social Security will send retirees their checks on November 22 but only if their birthday is from the 21st to the 31st. The average payment is the same for all the retirement payments in November.
The Administration stated that the average payment was $1,841 as of September 2023. Therefore, most seniors may get a similar amount. Some 67-year-olds and older ones may receive either less or more cash. Do not forget that there is not a 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 you filed for retirement benefits. Working for at least 35 years is key not to reduce your monthly payments. For your information, SSDI beneficiaries also get checks on November 15 and 22.