According to The Sun , A new round of Social Security payments will be sent out next week to select Americans based on their birthdays. There are three more rounds of payments scheduled for the end of the year, with beneficiaries potentially receiving up to $4,873 each, depending on their individual circumstances.
Social Security payments are distributed several times each month, following a set schedule. Retired Americans, people with disabilities, and those who are survivors of a deceased spouse or parent all receive monthly payments based on the beneficiary’s birth date.
- If the beneficiary was born between the 1st and 10th of the month, their payment is made on the second Wednesday of each month.
- Those born from the 11th to the 20th receive their payment on the third Wednesday of the month.
- And individuals born between the 21st and 31st get their payment on the fourth Wednesday.
This month, payments for those born between the 1st and 10th were issued on November 13. The next batch of payments for those born between the 11th and 20th was sent on November 20, and the final round for those born from the 21st to 31st will be issued on November 27. The last three payments of the year will be sent out on December 11, 18, and 24.
While most Social Security beneficiaries follow this schedule, there are some exceptions, such as for Supplemental Security Income (SSI) recipients or those who applied for benefits before May 1997.
Social Security payments are distributed either through direct deposit or on a Direct Express Debit Mastercard, a prepaid card that doesn’t require a bank account. Paper checks were eliminated in March 2013, though some exceptions apply.
The amount of Social Security benefits a person receives depends on their work history and contributions through payroll taxes. Benefits are calculated based on the highest 35 years of earnings, adjusted for inflation.
The more an individual earns and the longer they work, the higher their benefits will be. Those who wait until age 70 to retire can receive a maximum of $4,873 per month, though this amount decreases if they retire earlier.
Also Read – Will there be Social Security payments on Thanksgiving – Payments starting on the 21st
For example, the maximum monthly payment for someone retiring this year at their full retirement age (FRA) is $3,822. The FRA depends on a person’s birth year:
- Born between 1943–1954: age 66
- Born between 1955–1959: 66 plus a few months, depending on the specific year
- Born in 1960 or later: age 67
For those retiring at age 62, the monthly payment drops to a maximum of $2,710 in 2024.
A Social Security expert previously shared tips to help individuals maximize their benefits, including common mistakes that can cost retirees thousands of dollars each year and strategies that could potentially increase benefits by $26,000 annually.
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