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November’s first round of Social Security payments go out in five days
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November’s first round of Social Security payments go out in five days

Here’s everything you need to know about this month’s Social Security payments.

When does the check arrive?

Social security payments usually START on the second Wednesday of each month, and the following waves go off in the following weeks. The distribution of payments depends on the day a pensioner was born.

Pensioners born between the 1st and 10th of the month will receive their payments on November 13. Recipients born between the 11th and 20th of the month will receive their checks on November 20, and retirees born on or after the 21st of the month will receive their payments on November 27.

How can I maximize my check?

Beneficiaries receive different amounts depending on how much they paid into Social Security during their working lives, when they retire, and the number of years they have paid into Social Security.

Payments still largely depend on the retirement age of the beneficiaries. Withdrawing at the youngest age, 62, allows up to $2,710 per month, while delaying retirement until age 70 can provide up to $4,873 per month, according to the SSA.

Beneficiaries can see a personalized estimate of how much they can expect each month by the SSA calculator.

When am I eligible?

Eligibility for Social Security payments begins at age 62.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

How is it financed?

Social Security is funded by a payroll tax paid by both employers and employees.

Unless Congress acts to prevent this, Social Security payout amounts are set to decline. The analysts estimate The SSA will no longer be able to make full payments to beneficiaries as early as 2034 due to a growing number of retirees and a shrinking workforce.