American retirees can learn about the impending payments determined by the Social Security Administration. Even if some retirees received a cheque or direct deposit last week, eligible retirees will not be able to get a fresh payment soon. In fact, it will take more than a week before they receive their monthly payment from the Administration.
Actually, the next Social Security payment in November will be made on November 13, 2024. The last monthly payment was due on November 1, thus there is a 12-day gap between the first cheque for pre-1997 retirees and the one for those who qualify for the first Wednesday round.
Will you receive a Social Security payment on November 13?
If you received a check or direct deposit on November 1st, you are not eligible. This is because you began receiving monthly payments prior to May 1997, or you get retirement and Supplemental Security Income benefits.
As a result, only individuals who started receiving Social Security after April 30, 1997 and meet the birthdate criterion will receive a new payment on November 13, 2024.
Retirees whose birthdays fall between the first and tenth of any month will receive Social Security on November 13, assuming they meet the previously mentioned standards.
How much can retirees get from Social Security on November 13?
Your Social Security payouts are calculated based on your job history. As a result, each direct deposit or check may differ. If you’re not sure how much a payment might be, the Social Security Administration has released the typical checks for retirees.
As of September 2024, the average check was approximately $1,921. Keep in mind that this is only an average value. Some retirees receive a substantially lesser amount because they registered at 62 and only worked for around ten years.
In reality, other retirees are eligible for payments of up to $4,873. This figure will be significantly higher when the 2025 COLA rise goes into effect in January 2025. However, to receive such significant amounts, you must have:
- Earned the contribution a benefit base and worked for 35 years in jobs covered by SSA
- Filed at 70
- Remain eligible and do not break SSA rules