The government is sending a new round of payments. On November 15, millions of Americans collected a new monthly check. So, it is time to know when the following Social Security benefits will reach your bank account.
Direct deposits will arrive for eligible seniors aged 62 or older on November 15, 2023. Do not worry if you do not qualify for this payment, because it is not the last one.
Unfortunately, these payments will not bring the 2024 COLA increase. So retirees will have to wait a little longer until they can cash more money from Social Security.
Who is eligible for the November 15 payment?
In order to be eligible for this Social Security payment, you cannot have received benefits before May 1997. So, if you received benefits after that date, make sure you meet the following requirement.
The key requirement to collect the November 15 payment is to have your birth date on a specific day. Thus, you can qualify if your birthday is after the tenth of any month but before the 21st.
Those 62-year-olds or older who are on retirement benefits and have their birthday from the 11th to the 20th may cash up their money on November 15. So there are just a few days left for their next payment.
If your birthday was from the 1st to the 10th, your money arrived on November 8. On the contrary, if your birthday is from the 21st to the 31st, you will receive your Social Security payment on November 22.
How much money can I get on the November 15 payment?
If you qualify for the Social Security benefit on November 15, you can receive up to $4,555. This is the highest amount set by the SSA for 2023. It’s important to note that retirement benefits vary. Some retirees may get more than the average, while others may get less. For instance, if you receive an average payment in September 2023, it might be around $1,841.
In January, this average amount will increase to approximately $1,848, excluding the 2024 COLA adjustment. If you retired at the Full Retirement Age this year, worked for 35 years, and earned the maximum taxable amount throughout your career, your monthly check would be $3,627.
However, if you retired at age 62, your monthly payment could be significantly smaller, at $2,572. If your benefit check isn’t sufficient to cover your expenses, you might consider applying for Supplemental Security Income (SSI) to supplement your monthly income.
The new COLA will not be effective until December 29, but retirees will have to wait until January 3, 10, 17, or 24 to cash the new 3.2% increase. On average, there will be a 50 dollar boost. Explore spousal benefits to cash more money every month. See the post above.
