November 15 will be the next Social Security payday. If you are in retirement, you may be eligible for this check worth $4,555. Not everyone qualifies for this payment, not even if you filed for these benefits.
In order to cash a Social Security payment on November 15, your birth date must fall within the days that SSA requires. What is more, the date that you filed for benefits also matters.
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As a matter of fact, only if you did not receive money from Social Security before May 1997 and meet the birthday condition, you can be eligible for this monthly payment.
Who will receive a payment from Social Security on November 15?
Only those beneficiaries who receive retirement benefits in May 1997 or after that date, and whose birthday is from the 11th to the 20th will qualify for it. So, get ready because this payment may be yours.
The maximum possible amount can be $4,555 if you filed at 70. Of course, you must have worked for 35 years and have earnings equal to the taxable maximum or over, but for 35 years too.
Social Security has set the maximum amount at Full Retirement Age at $3,627. If you file at 62, the largest check you can obtain is $2,572. As you can see, there is a big difference between filing at 62 or at 70. The longer you wait to apply for retirement benefits, the more money you will cash.
Do not wait to file until you are older than 70. The reason why you should file at the age of 70 is because your benefits will no longer grow after that age. They can increase up to 24% after Full Retirement Age. Working a little longer will also provide you with more time to save and invest for retirement.
Will this be the last Social Security payment in November?
Do not worry if you are eligible for Social Security and have not cashed any payments yet. If your birthday does not qualify for the November 8 or the November 15 payment, there is one more chance. Actually, it will be on November 22 when the Administration will deliver the last retirement check.
In order to receive a payment from the Social Security Administration on November 22, you must have filed for benefits first. Collecting them after May 1997 or during that month is key. Another essential requirement to collect retirement benefits on this date is your birthday.
Those seniors who collect their retirement checks on November 22 must have their birthdays on the last days of the month. So, if your birthday is from the 21st to the 31st you may qualify for this monthly payment. The maximum amount is also $4,555 if you filed at the age of 70 in 2023.
Remember that these payments include the 2023 COLA increase which was 8.7% extra per month. However, to cash the 2024 COLA you will have to wait much longer. January 3, January 10, 17, and 24 will be the paydays that bring the COLA boost. December 29 will bring the first COLA but for SSI recipients only.