The first round of Social Security payments, worth up to $4,555, will be sent out to millions of retirees in 11 days.
The first waves of payments will be released on Nov. 8, 2023, for those born between the first and 10th of the month. The second payment will be released Nov. 15 to people born between the 11th and 20th of the month. The last group receives theirs on Nov. 22 for those born on or after the 21st.The Social Security Administration sends out payments on the second, third, and fourth Wednesdays of each month.
The amount of money varies based on the age when an individual retires and has no income guidelines. For example, those aged 62, the youngest age to receive payments, can get up to $2,572 per month, while those retiring at 70 can receive up to $4,555 per month, according to the Social Security Administration. Those who retire at the full age of retirement, 67, can see a maximum check of up to $3,627 per month.
The amount of each benefit is expected to rise by 3.2% in 2024, according to the SSA. The increase will be the same percentage for all payments sent out by the administration, including retirement and disability pay.