Money is ready for millions of Americans on Social Security benefits. As a matter of fact, the Administration sends payments to more than 71 million citizens in 2023.
If you filed for benefits and received them before May 1997, get ready because your next check is on its way. The Social Security Administration has confirmed that the next payday will be on November 3, 2023.
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These checks will be for those seniors on retirement benefits. Bear in mind that if you collect SSI benefits, your payday is on November 1, but this may also qualify you for the November 3 payment.
Who can get the November 3, 2023, Social Security retirement payment?
Apart from those on retirement benefits before May 1997, there is another possibility. If you have a very low retirement benefit, you may qualify for Supplemental Security Income too.
Those who have already applied for Supplemental Security Income (SSI) and got the approval, may cash the November 3 payment from Social Security. However, this will only be possible if they are also on retirement benefits.
So, being on Social Security and SSI at the same time means your retirement check arrives on Friday. Another possibility to cash the November 3 payment is that you are on both SSI and SSDI.
SSDI is the Social Security Disability Insurance and it is possible to cash both of them at the same time. There are different amounts for retirement and SSDI payments though.
How much could I get on November 3 from Social Security retirement benefits?
If you are eligible for retirement checks every month, the maximum amount is $4,555. Most seniors do not qualify for that large amount and the average check is $1,841 as of September 2023 said SSA.
At full retirement age, the maximum amount is $3,627 for retirees and $2,572 at 62. If you are on SSDI, the average amount is just $1,486. Therefore, there is a big difference in those payments.
Social Security will include the 8.7% COLA boost from 2023. But seniors will have to wait until they cash their January payment to get the 3.2% from the 2024 COLA. SSA said that on average, benefits increased by 50 dollars.
Those on retirement checks may get almost 60 dollars since they can get nearly $1,900 in 2024. Filing for Social Security benefits in retirement is an important decision, make sure you do not file on the spur of the moment.
Thanks to the 2024 COLA boost, seniors at full retirement age will be able to cash up to 3,822, up from $3,627. At 70, the new maximum amount for retirement beneficiaries will be $4,873.