The first round of Social Security payments for November will be distributed in just a few days, with retirees receiving up to $4,873 for those who are at the highest income level and retire at age 70.
Social Security benefits vary depending on several factors, including the age at which you retire, the number of years you’ve worked, and how much you’ve contributed to the system.
For those who retire at the age of 70, which is the maximum age for delayed retirement credits, the highest monthly payment they can receive is $4,873. On the other hand, if you retire at the earliest eligible age of 62, your maximum monthly benefit would be $2,710.
To get a personalized estimate of your own benefits, the Social Security Administration (SSA) offers an online calculator that can help you understand what you might expect each month.
When it comes to receiving payments, retirees will get their checks according to the timing of their birthday. The first round of payments will go to those born between the 1st and 10th of the month, with checks arriving on Wednesday, Nov. 13. Beneficiaries born between the 11th and 20th of the month will receive theirs on Nov. 20, while those born on or after the 21st will get their checks on Nov. 27.
Social Security has been a key source of income for retirees since it was signed into law by President Franklin D. Roosevelt in 1935. It is primarily funded by a payroll tax shared by both employers and employees.
However, experts warn that the SSA may not be able to provide full benefits by as early as 2034, due to an increasing number of retirees and a shrinking workforce. This means that Congress may need to take action to ensure Social Security payments continue to meet recipients’ needs without reductions.