New round of Social Security checks worth $4,873 going out before Thanksgiving but there are only 2 ways to get the cash
AS a round of Social Security payments goes out Wednesday, two more rounds of checks are set to hit Americans’ bank accounts before Thanksgiving.
Social Security checks are no longer mailed to most beneficiaries, leaving them just two ways to receive the money.
Established in 1935 by President Roosevelt, Social Security is a government program that offers financial support primarily to retired Americans, disabled workers, and their families.
Individuals enrolled in Social Security receive payment once monthly based on a preset schedule that takes into account beneficiary birthdays.
Those with birthdays from the 1st through the 10th of their birth month receive their Social Security money on the second Wednesday of each month.
This month, the second Wednesday falls today, November 13.
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Two more rounds of payments will be distributed before Thanksgiving on the 28th.
Americans born on the 11th through the 20th get paid on the third Wednesday of each month, which falls on November 20 this year.
Finally, Social Security beneficiaries with birthdays from the 21st through the 31st of their birth month receive their benefits on the fourth Wednesday of each month.
This month, the fourth Wednesday will be November 27 – the day before Thanksgiving.
Most payments are administered based on birthdays, but there are exceptions for Supplemental Security Income recipients and those who filed for Social Security benefits before May 1997.
CHECK PLEASE
Social Security recipients can receive their monthly payments in two ways.
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The benefits are paid electronically either through direct deposit or a Direct Express Debit Mastercard.
The latter option is a prepaid debit card on which Social Security money can be loaded, and a bank account is not required to use the card.
The card can be used to make purchases, pay bills, or get cash.
The US Treasury Department started phasing out paper checks for Social Security in May 2011 and officially stopped mailing them to beneficiaries in March 2013.
The goal of eliminating paper checks was to save money and reduce the environmental impact of paper, although some Social Security recipients can still receive these checks under limited circumstances.
MONEY MONEY MONEY
A Social Security beneficiary’s monthly payment amount is based on their earnings history, the type of benefits received, and the age at which they claim them.
The latter factor plays an important role, with a later retirement date equating to a larger monthly payment.
For example, Americans who delay their retirement until age 70 can receive up to $4,873 monthly from Social Security.
This number drops for those who retire at their full retirement age, or FRA.
The FRA is based on the year you were born:
- 1943–1954: age 66
- 1955–1959: age 66 and a certain number of months, increasing by two months each year:
- 1955: 66 and 2 months
- 1956: 66 and 4 months
- 1957: 66 and 6 months
- 1958: 66 and 8 months
- 1959: 66 and 10 months
- 1960 or later: age 67
Who can receive Social Security Benefits?
In addition to retired Americans, the following categories of people are eligible to receive Social Security payments:
- Someone with a qualifying disability
- A spouse or child of someone getting benefits
- A divorced spouse of someone getting or eligible for
Social Security - A spouse or child of a worker who died
- A divorced spouse of a worker who died
- A dependent parent of a worker who died
Source: Social Security Administration
Those who retire at their FRA in 2024 can receive a maximum monthly Social Security benefit of $3,822.
Individuals who retire at 62 in 2024 will receive even less, with a maximum monthly payment of $2,710.
The U.S. Sun previously spoke to Social Security expert Shalae Morgan.
Read More on The US Sun
She shared two common mistakes that can lose you $1,000s a month in Social Security.
Morgan also explained how delaying your benefits can earn you $26,000 more yearly and a practical way to maximize your benefits.
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