Social Security checks worth $4,873 automatically going out next week – with just three left this year
Depending on their birthday, a ROUND of Social Security benefits will be distributed to a select group of Americans next week.
By the end of the year, just three additional payments totaling $4,873 will be made.
According to a preset timetable, Social Security benefits are disbursed several times a month.
Depending on the beneficiary’s birthday, the money is paid once a month to retired Americans, people with disabilities, and people whose spouse or parent passed away.
Benefits are paid on the second Wednesday of each month to beneficiaries who were born between the first and the tenth of their birth month.
Those born on the eleventh through the twentieth of the month receive their Social Security benefits on the third Wednesday of each month.
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Lastly, the fourth Wednesday of every month is when Americans who were born between the 21st and the 31st get their money.
Payments for the second Wednesday of this month were sent out on November 13.
What is Social Security?
President Roosevelt signed the Social Security Act into law in 1935, establishing the social insurance program known as Social Security.
Throughout their working years, Americans contribute taxes to the financial safety net, which subsequently provides them with monthly benefits to sustain their retirement.
Social Security was established to provide retirement benefits as well as financial assistance to Americans with disabilities and families who have lost a spouse or parent.
Americans who are scheduled to receive their cash on the fourth Wednesday will do so on November 27 of next week. The third Wednesday’s round of payments will be distributed today, November 20.
On December 11, 18, and 24, the final three Social Security benefits of the year will be disbursed.
There are certain exceptions for Social Security beneficiaries and Supplemental Security Income recipients who applied for benefits before to May 1997, even though the majority of payments are based on birthdays.
Direct deposit or a Direct Express Debit Mastercard are the two methods used to pay out Social Security income.
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Social Security funds are placed onto the Mastercard, a prepaid debit card. Using the card does not require a bank account.
In March 2013, Social Security formally stopped using paper checks, while certain recipients are still eligible to receive checks.
CASHING OUT
Depending on their employment history and the amount of payroll taxes they have paid into the program over their lives, Social Security beneficiaries get different amounts of benefits.
The formula used by Social Security to determine payments accounts for the 35 highest-earning years of an individual’s employment history, adjusted for inflation.
An individual’s Social Security benefits are expected to increase with their earnings and length of service.
People can receive up to $4,873 per month from Social Security if they wait until they are 70 years old to retire.
The earlier a beneficiary retires, the lower this figure becomes.
For instance, an American who retires this year at full retirement age (FRA) can receive a maximum salary of $3,822 per month.
The recipient’s birth year serves as the basis for the FRA:
- 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
Even less is paid to people who retire in 2024 at age 62, with a maximum monthly payment of $2,710.
To help Americans get the most out of their benefits, the U.S. Sun previously interviewed a Social Security specialist.
Read More on The US Sun
She gave three tips for preparation and two typical errors that might cost you $1,000 a month in Social Security.
Additionally, the expert revealed a tip that might increase your annual income by $26,000.
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