Social Security update: First round of November payments worth $4,873 goes out in two days

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

When does the check arrive?

Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.

Retirees born between the 1st and 10th of a month will receive their payments on Nov. 13. Beneficiaries born between the 11th and 20th of a month will receive their checks on Nov. 20, and retirees born on or after the 21st of a month will receive their payments on Nov. 27.

How can I maximize my check?

Beneficiaries receive different amounts depending on the amount they paid into Social Security during their working life, when they retire, and the number of years they paid into Social Security.

Payments still largely depend on recipients’ retirement age. Retiring at the youngest age, 62, allows up to $2,710 per month, while delaying retirement until age 70 can allot up to $4,873 per month, according to the SSA.

Beneficiaries can see a personalized estimate of how much they will receive each month through the SSA’s calculator.

When am I eligible?

Eligibility for Social Security payments begins at age 62.

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How is it financed?

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

Unless Congress takes action to prevent it, Social Security payment amounts are set to shrink. Analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to an increasing number of retirees and a decreasing volume of workers.