The Social Security Administration’s announcement of the day it sends money to U.S. retirees is always a day of joy for them. And it doesn’t matter if they live outside the United States or inside the country. Knowing the exact day on which they get paid is critical to their mental well-being and peace of mind financially. It is a great advantage for all of them, who know that they can count on their Social Security money on an exact day. This is especially true with Direct Deposit activated.
By knowing the exact day on which the Social Security Administration will send the money, it is possible to have a perfect financial organization at home. In this way, we will also usually know the day of the next month’s payment. We will then be able to organize ourselves perfectly so that we do not fall behind in our payments or get out of control of our finances. The SSA has announced all of December’s payments as well, in addition to Supplemental Security Income, so it is very easy to have everything well organized.
However, as we mentioned earlier, these dates are the dates that the Social Security Administration uses to send out the money. This does not mean that retirees will automatically receive the money. Only if you have Direct Deposit activated can you receive the money on the same day. Otherwise, it may take up to 3 days for the money to reach your bank account. If we talk about this particular payment, we will get the payment next November 23rd, the last payment of the month. Social Security will send the money that day to retirees born between the 21st and 31st of the month.
How to maximize the Social Security pension?
All retirees who already have a Social Security pension cannot increase monthly checks. Only the COLA can cause the dollar amount to increase slightly. This increase is only once a year. However, it is possible to maximize the pension if you are not yet collecting it. To do this, we need to follow three basic tips.
- Delay retirement as long as we can.
- Get a good salary.
- Work for 35 years or more
The final calculation of the amount of Social Security is calculated with the 35 years of work with the highest salary. That is why it is so important to maximize these details. Having a low salary means contributing less. The more money you contribute and the longer you work, the better your benefit will be.