A new payment has been scheduled and you may qualify for it. If you are retired, you may be one of the lucky beneficiaries of the check that is due on November 8, 2023.
This could provide beneficiaries in retirement with a payment of about $1,841. Although some recipients may cash up to $4,555, very few will be eligible for such large amounts.
In fact, these are Social Security payments. The November 8 check will be the first of three. They will arrive on Wednesdays and you must have collected retirement benefits from May 1997 onward. But the requirements for these retirement benefits are not over.
REQUIREMENTS TO CASH THE NOVEMBER 8 PAYMENT
Apart from having received benefits after May 1997, you must have your birthday on some days. If your birth date does not fall on these days, you will not be eligible for these checks.
Therefore, only those seniors whose birthday is from the 1st to the 10th can cash this November 8 payment. Bear in mind that amounts are different for each recipient since they depend on many factors.
For example, the age you file for benefits can reduce or increase your retirement check. Early retirement at 62 means a 30% cut. But late retirement at 70 is just the opposite, you get a 30% reward from Social Security.
What is more, not all workers earn the same amount of money in their jobs. Therefore, those who pay more taxes will get a higher benefit in retirement. The only thing that is clear is that your check can be up to $3,627 at 67, $2,572 at 62, and $4,555 at 70 in 2023.
IS THE NOVEMBER 8 THE FIRST AND LAST PAYMENT?
No, it is not. The Social Security Administration will send the first payment on November 1. This money will only be for those who filed for SSI benefits though, so if you get the November 8 check, you do not qualify for SSI.
October is National Retirement Security Month. #DYK you can get a personalized estimate of retirement benefits with a free and secure my Social Security account? Create your account today! https://t.co/yVDlt1gH44 #NRSM23
— Social Security (@SocialSecurity) October 21, 2023
Bear in mind that if you cash SSI and retirement benefits, the second check will be due on November 3. This is when Social Security pays those who are on SSI and retirement benefits.
November 3 is also payday if you filed for benefits and got them before May 1997. After the November 8 payment, there will be two more similar checks in the United States.
Amounts will be the same, but paydays are different. In this way, Social Security does not have to spend all the money on the same day. Keep in mind that there are about 71 million Americans on benefits.
The following payments will be on November 15 and November 22. Once more, your birth date matters. If your birth date is from the 11th to the 20th, your check is due on November 15.
Thus, your check will be in your pocket on November 22 if your birth date is not from the 1st to the 20th. Those seniors who are about to apply for retirement benefits can do so online.