Social Security reports that it will send out the second batch of checks for up to $4,194 on November 16. U.S. retirees will be able to get their pension benefits in the U.S.Retired U.S. citizens will see an increase in their benefits of $146 starting next January and will get a maximum payment of $1,827.
“You can start receiving Social Security retirement benefits starting at age 62,” the SSA says on its website. “But we will reduce your benefits to 30% below what you would get if you waited to start receiving benefits until your full retirement age. If you wait until your full retirement age you will get your full benefit.”
The amount of money in the Social Security check will be determined by several factors, such as when the beneficiary decides to retire and how much he or she has contributed to the program. A person born in 1960 or later, if he or she retires at age 67, which is the full retirement age in 2022, would receive the maximum benefit of $3,345. But if he or she retires early, for example at age 62, the maximum benefit would be lower, at $2,364.
Acting SSA staff recently announced a cost-of-living adjustment increase of 8.7%, the largest adjustment in 40 years. The last time there was such an adjustment was in 1981, 11.2%, on the occasion of inflation increases, as is the case now. Therefore, in 2023, the money received in the benefit will be higher than in 2022.
“Social Security benefits will increase by 8.7 percent beginning with December 2022 benefits, which will be paid in January 2023. Federal SSI payment levels will also increase by 8.7 percent beginning with payments made in January 2023,” according to the SSA.
In order to find out what exact increase he or she will receive in his or her case due to the cost-of-living adjustment, a Social Security beneficiary must multiply his or her Social Security benefit by the 8.7 percent cost-of-living adjustment. The result will be the increase he or she will receive in his or her particular instance.
These are the payments of the Social Security in November
In the month of November, a total of four payments are made by Social Security. These are the Supplemental Social Security payment and the retirement payment. In the first case, there is only one payment per month, while in the second case the payment is made on three different days.
- November 1: The SSI payment for the month occurs.
- November 9: This is the first Social Security payment of the month. This second Wednesday in November the SSA sends the benefit check to retirees born between the 1st and 10th.
- November 16: The second SSA payment made in November to retirees born between the 11th and 20th of the month.
- November 23: SSA’s third and final payment this November. SSA sends payment on November 23 to retirees born between the 21st and 31st of the month.
These are the days on which the Social Security will make payments in the month of November.