Money may soon be in your bank account if you get direct deposit from Social Security. While Supplemental Security Income and retirees on benefits before May 1997 already got their monthly check, the rest needs to wait a little longer.
For your information, the Administration usually sends 5 different payments. Some seniors or people with a disability may qualify for Supplemental Security Income and Social Security at the same time.
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But if it is your case, you must have received your cash on November 1 and 3. Payments will be then sent depending on your birthday. So, that is the second requirement you must meet apart from receiving Social Security benefits after or in May 1997.
When will be the next payment of about $1,827 from Social Security?
The next Social Security payment will take place on November 8, 2023. The average amount of these checks will be about $1,827, but the maximum amount is $4,555 in 2023.
Not all seniors on Social Security are eligible for this monthly payment on November 8. In fact, only those whose birthday is on one of the first ten days of the month. Remember that getting benefits before May 1997 makes you ineligible.
The Administration will continue sending more checks just a week later. Therefore, November 15 will also be a payday and your birth date matters to qualify for a check of up to $4,555.
In order to receive the November 15 payment, your birthday must be after the 10th but not later than the 20th. If your birthday does not fall between the 1st and the 20th, there is one more chance for you.
The last payment from Social Security in November will be on the 22nd. Make sure your birthday is from the 21st and the 31st and this check will be yours. The amounts of the checks are just like the previous one.
The Administration makes it clear that you will not receive the 2024 COLA until your first payment in January. Then, you will cash a 3.2% extra per month. So, you need to settle for the current amount without the 2024 COLa boost.
Remember that if you do not file for Social Security retirement benefits, you cannot receive them. Not even if you meet all the requirements at Full Retirement Age.
Early filing at 62 can reduce the amount of your payments up to 30%, so be wise and delay retirement as much as possible. Wait until you are 70 if possible to get a Social Security reward of about 24%.