checks of up to $4,873 before Thanksgiving

The Social security program, established in 1935 under President Franklin D. Roosevelt remains a cornerstone of economic support for millions of Americans. Its primary goal is to provide financial stability to retirees, people with disabilities and their families. This November, benefit payments will be issued according to the standard schedule, ensuring that all recipients will receive their funds before Thanksgiving.

The payment distribution is primarily based on recipient’s date of birth with a schedule that organizes payments in different weeks of the month. For example, those born between the 1st and 10th of their birth month received their payments on the second Wednesday of November, which this year was November 13. Persons born between 11th and 20th get their checks on November 20th, while those celebrating birthdays from the 21st to the 31st will receive their funds on November 27th, just one day before Thanksgiving.

How to receive Social Security payments

Since 2013, Social Security payments are no longer sent via paper checks except in rare cases. Recipients now have two main options for receiving their payments:

• Direct deposit into a bank account: This is the most popular and secure method that ensures payments are deposited directly into the recipient’s account, avoiding delays or the risk of lost payments.
• Direct Express payment card: This prepaid card is ideal for those without a bank account. It allows recipients to access their money, make purchases, pay bills or withdraw cash without having to open a checking account.

The transition to electronic payments began in 2011 as part of an effort to reduce costs and minimize the environmental impact of paper-based transactions. This system is not only more efficient but also safer for receivers, eliminating the risk of losing physical checks.

How Social Security payments are calculated

The monthly amount each The Social Security recipient is determined by three key factors: the worker’s earnings history, the type of benefit they are eligible for, and the age at which they choose to start receiving benefits.

The age at which you start collecting benefits has a significant impact on your monthly payment. For example, if you delay retirement until age 70, you could receive up to $4,873 per month in 2024. On the other hand, retiring at your full retirement age (FRA) will result in a slightly lower, but still significant, benefit amount.

FRA varies depending on the year you were born:

• Born between 1943 and 1954: FRA is 66 years old.
• 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 old.

If you choose to retire before your FRA, such as at age 62, you’ll receive a reduced monthly benefit, with a maximum of $2,710 in 2024. But reaching your FRA can qualify you for up to $3,822 a month that same year .

What about people with low incomes or disabilities?

The Social Security program is not just for retirees. People with limited incomes or disabilities may also qualify for additional help through Supplemental Security Income (SSI). This separate program ensures that the most vulnerable people have access to a basic level of income.

It’s important to note that SSI follows a different payment schedule than traditional Social Security benefits, and the amounts vary based on each recipient’s specific needs.

Planning your pension with social security

Social Security is not intended to cover all retirement expenses, but serves as a vital pillar to ensure financial stability during retirement. Proper planning for when to start receiving benefits can have a big impact on the monthly amount you receive.

If you are able to delay retirement, your benefits will increase significantly, providing greater long-term financial security. Conversely, choosing early retirement will result in lower payouts throughout your life.

The Social Security program continues to be a critical resource for millions of Americansthat offers a safety net for pensioners and people with disabilities. With payments scheduled to be distributed in November, it is important for recipients to understand how the payment calendar works and research the options available to receive their funds.

Take the time to review your FRA, consider your long-term financial needs, and choose the payment method that works best for you. Regardless of your decision, Social Security is designed to provide financial support and stability during the times you need it most.