:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/GHROLINN5ZGYBOR32Y3777RBPE.jpg "November Social Security Payments: Schedule and Estimated Amounts for Pensioners")
November Payments Begin for US Social Security Pensioners
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November 3, 2023 – The United States Social Security Administration (SSA) has started issuing payments for pensioners this month. Retirees and survivors are being informed about the schedule and estimated amounts of their payments.
According to figures from January 2023, an average of 65 million retirees and survivors receive their Social Security checks or deposits. Social Security is a federal government program designed to provide a source of income to individuals when they retire or are unable to work due to a disability. It also offers financial assistance to legal dependents after the recipient’s death.
The first payment for November is scheduled for Friday, November 3. This payment is allocated to pensioners who began receiving their payments before May 1997. In cases where the 3rd of the month falls on a Saturday, Sunday, or federal holiday, payments are dated and delivered on the first business day before the 3rd. For example, if the 3rd falls on a Saturday or Sunday, payments are delivered on the preceding Friday.
The amount of the Social Security payment varies depending on factors such as retirement age and the contributions made over the years. Individuals who retire early at age 62 can receive up to $2,572 per month. Those who retire at age 67 can receive up to $3,627, and those who delay retirement until age 70 can receive a maximum of $4,555 per month.
While the average monthly retirement payment is $1,827, some retirees are eligible to receive the maximum amount of $4,555. To achieve this, individuals must have worked a minimum of 35 years, earned the salary cap for each year, and chosen to retire at the age of 70.
In addition to retirement benefits, the SSA provides Supplemental Security Income (SSI), a federal program that offers monthly payments to adults and children with disabilities or blindness, as well as to low-income individuals aged 65 or older.
Looking ahead, the SSA has announced that the cost of living adjustment (COLA) percentage for 2024 will be 3.2%. COLAs, which have been in place since 1975, are calculated based on the average of the third quarter of the previous year and the third quarter of the current year. The 2023 COLA was 3.2% as well.
Over the past 10 years, COLAs have varied. Notable increases include 5.9% in 2021 and 8.7% in 2022. In 2015, there was no COLA, and in 2016, it was only 0.3%.
The United States Social Security Administration plays a crucial role in providing financial support to retirees and survivors. As payments commence for November, pensioners can expect a reliable source of income to support their retirement years.