Millions of Americans receive money from the Social Security Administration every month. Many of them have already collected their monthly payment, but there are two paydays left in November. Therefore, there are retirees who are waiting for their checks and direct deposits to be delivered to their bank accounts.
This Social Security update is to remind retirees that there is a payment scheduled for November 20. This will be the second round of Wednesday payments in the United States.
Who can receive the November 20 payment from Social Security?
This money will only be for retirees who have not received retirement benefits before May 1997, are not receiving SSI benefits, and meet the birth date condition SSA set. Checklist:
- not on SSI
- not on Social Security before May 1997
- born from 11-20, regardless of the month
- remain eligible and have not broken SSA’s rules
Some of you might be wondering if this payment will include the 2025 COLA increase. As a matter of fact, it will not bring the cost-of-living adjustment and the average amount will be about $1,924. What is more, there will be a new payment on November 27 if you were born from 21-31 and meet the other conditions.
Who can receive $4,873 from Social Security on November 20 and 27?
This large benefit payment will only be for those retired workers who were high earners for almost 4 decades. Actually, you must have earned the contribution and benefit base for 35 years.
Besides, you will also need to achieve 3 more conditions. Another key requirement is to file at the age of 70. In this way, you will be able to receive 24% extra by getting delayed credits.
Of course, you will have to work for 35 years in jobs that are covered by SSA. That means you paid enough taxes to Social Security to benefit from such a large payment at 70. But if your check is too low, you can apply for SSI too.
