Up to $4,873: Last November Social Security Payments to Go Out

The Social Security Administration (SSA) is set to distribute the final round of November’s Social Security payments in two days. These payments, which can be as high as $4,873 for the highest-income earners who retire at age 70, will be sent to the third group of retirees.

Payment Schedule and Eligibility

The SSA distributes Social Security payments in three rounds each month, based on the beneficiaries’ birth dates. Retirees born between the 1st and 10th of the month received their payments on November 13, while those born between the 11th and 20th received theirs on November 20. The final group, consisting of retirees born on or after the 21st of the month, will receive their payments on November 27.

Maximizing Social Security Benefits

U.S. citizens become eligible for Social Security payments starting at age 62. However, the amount received depends on the age at which they choose to retire. Retiring at 62 allows for a maximum monthly benefit of $2,710, while delaying retirement until age 70 can result in a maximum benefit of $4,873 per month, according to The Washington Examiner.

“The time of retirement, the amount paid into Social Security, and the number of years paid into Social Security all affect how much beneficiaries receive,” an SSA spokesperson explained.

Financial Planning and Future Projections

Social Security is financed through a payroll tax paid by employers and employees. Analysts estimate that without congressional action, the SSA may not be able to provide full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking workforce. “Social Security payment amounts are set to shrink unless Congress takes action to prevent it,” warned financial analyst Mary Johnson.

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