Social Security, which was started by President Franklin D. Roosevelt in 1935, is still an important source of income for millions of Americans.
The main goal of this program is to help retirees, disabled people, and their families stay financially stable. In November, benefits will be paid out according to the normal schedule, which means that everyone will get their money before Thanksgiving.
The beneficiary’s birthday is the main factor used to decide when to send payments, and payments are split up into different weeks of the month. For instance, people born between the 1st and 10th of their birth month got their money on November 13, which was the second Wednesday of that month.
People born between November 11th and November 20th will get their checks on November 20th. People born between November 21st and November 31st will get their money on November 27th, which is the day before Thanksgiving.
How to receive Social Security payments
Since 2013, Social Security payments are almost never sent on paper checks. Beneficiaries can now choose between two main ways to get their payments:
- Direct deposit into a bank account: This is the most popular and secure method, ensuring that payments are deposited directly into the beneficiary’s account, avoiding delays or the risk of lost payments.
- Direct Express debit card: This prepaid card is ideal for those without a bank account. It allows beneficiaries to access their funds, make purchases, pay bills, or withdraw cash without needing to open a checking account.
In order to cut costs and protect the environment, paper-based transactions were phased out in 2011 and replaced with electronic payments. This system is not only faster, but it is also safer for the people who receive checks because they won’t lose them.
How Social Security payments are calculated
Three main things determine how much each Social Security recipient gets each month: the worker’s history of earnings, the type of benefit they are eligible for, and the age at which they choose to begin receiving benefits.
How much you get each month depends a lot on how old you are when you start getting benefits. You could get up to $4,873 a month in 2024 if you wait to retire until you are 70 years old. If you retire at your full retirement age (FRA), on the other hand, you will get a slightly smaller, but still large, benefit amount.
The FRA changes based on the year you were born:
- Born between 1943 and 1954: FRA is 66 years.
- Born between 1955 and 1959: FRA is 66 years plus additional months (increasing by two months for each year, reaching 66 years and 10 months for those born in 1959).
- Born in 1960 or later: FRA is 67 years.
If you choose to retire before your FRA, such as at age 62, you will receive a reduced monthly benefit, with a maximum of $2,710 in 2024. However, reaching your FRA could qualify you for up to $3,822 per month that same year.
What about individuals with low incomes or disabilities?
Social Security isn’t just for people who are retired. People with disabilities or low incomes may also be able to get extra help through Supplemental Security Income (SSI). Through a separate program, this group makes sure that the weakest people can get a basic income.
It’s important to know that SSI payments happen at a different time than regular Social Security payments, and the amounts depend on the needs of each recipient.
Planning your retirement with Social Security
Social Security isn’t meant to pay for all of your retirement costs, but it is a very important part of making sure you have enough money when you retire. Planning ahead for when to start getting benefits can have a big effect on how much you get each month.
You will have more long-term financial security if you can put off retirement. This is because your benefits will grow significantly. On the other hand, if you choose to retire early, your payments will be lower over your lifetime.
Social Security is still an important resource for millions of Americans because it provides a safety net for seniors and disabled people.
With payments due in November, it’s important for beneficiaries to understand how the payment calendar works and look into all of their options for getting their money.
Review your FRA, think about your long-term money needs, and pick the payment method that works best for you. No matter what you decide, Social Security is meant to help you financially and keep you stable when you need it most.
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