The first round of November Social Security payments for retirees aged 70 and above, now capped at $5,108, will be issued in six days.
When will payments arrive?
Retirees born between the 1st and 10th of a month will receive this payment on Nov. 12.
The second round of payments will be issued on November 19 for retirees born between the 11th and 20th of the month, and the third round will be issued on November 26 for retirees born on or after the 21st.
When am I eligible?
Citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
Social Security payment amounts are determined by several factors, including age of retirement, the amount paid into Social Security, and the number of years paid into Social Security.
Payments largely depend on a recipient’s retirement age. A retiree retiring at the youngest age, 62, could receive up to $2,831 per month, while a 70-year-old retiree could receive up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can view a personalized estimate of their monthly benefits through the SSA’s calculator.
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How is it financed?
Social Security is financed by a payroll tax paid for by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate that the SSA will no longer be able to issue full payments as early as 2034, due to a rising number of retirees and a shrinking workforce.
