Social Security checks worth up to $4,873 will arrive today, November 1.
The retirement benefit is sent to Americans who have been claiming Social Security since 1997.
Those who claim both their pension and Supplemental Security Income (SSI) will receive their pension check today and their SSI on November 3.
Those who receive only SSI, a monthly government benefit that can amount to $943 for an individual and $1,415 for a couple, will receive the payment today.
Social Security checks are spread out over four different days each month because approximately 68 million Americans receive some form of benefits, and such a large volume cannot be processed all at once.
Today, November 1, the first Social Security payment of the month will be sent out
The date you receive your check depends on your date of birth.
If you were born between the 1st and 10th of a given month, you will receive your monthly check on the second Wednesday of the month, November 13th.
Those born between the ages of 11 and 20 should receive their check on the third Wednesday of the month, falling on November 20.
Those born between the 21st and 31st of a month will receive their check on the fourth Wednesday, November 27.
The SSA recommends waiting three business days after a due date before contacting them about a late payment.
The highest pension benefits are as much as $4,873, although this figure is likely to be lower for the majority of recipients.
In fact, the average monthly retirement check is $1,907, a figure that takes into account the 35 highest-earning years in a recipient’s career and is adjusted for inflation.
‘The maximum benefit depends on the age at which you retire. For example, if you retire at full retirement age in 2024, your maximum benefit will be $3,822,” the SSA said on its website.
Total Social Security benefits now cost the government about $1.5 trillion a year
However, if you retire in 2024 at age 62, your maximum benefit will be $2,710.
“If you retire at age 70 in 2024, your maximum benefit will be $4,873,” the site explains.
Total payouts, including pension, disability and survivor benefits, now cost the government about $1.5 trillion a year.
Meanwhile, Americans living in nine states collected less Social Security starting in September due to a rise in taxes.
Beneficiaries who live in Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, or West Virginia may have to pay more.
The exact impact depends on the state you live in and your total income.
Earlier this year it also emerged that social security is expected to fall short in 2035.
The program relies on its trust funds to provide monthly benefit checks to about 70 million Americans.
But an aging population is driving up the program’s costs, as a smaller share of people pay into it, and expenses exceed revenues.
The last year report of the Social Security Board of Trustees found that the program will only be able to pay out full benefits for the next eleven years — which is a year later than previous estimates.