Social Security is in charge of sending five sets of payments to people who are eligible every month. If you were born between January 1st and October 10th and are eligible for retirement or disability payments, you will get a new Social Security check next week.
It is very important to know this because millions of retirees, survivors, and disabled people will not be able to keep up with inflation and make ends meet without these monthly benefits.
Also, do not forget that the cost of living adjustment (COLA) is already built into these payments. The average amount you will get is $1,900. You can see all of the amounts that will be sent the following week here.
How does the SSA calculate the beneficiary’s Social Security check amount per month?
In September 2023, the Social Security Administration thought that about 67 million people were getting monthly benefits from Social Security checks.
The 67 million people who got help—more than 52 million in September 2023—were mostly retired workers and their families.
The Social Security Administration (SSA) says that in 2024, more than 180 million people will work in jobs that are covered by Social Security and pay Social Security taxes.
The Social Security Administration also looks at a number of factors, such as your work history, your full retirement age (FRA), and the amount of Social Security taxes you paid into the system before you started getting benefits.
These factors affect how your check may be different. This shows one of the most common ways that the amount of your Social Security check is worked out:
- Retirees who claim benefits at 62 years old: If you intend to retire soon, you should know that Social Security benefits can begin as early as age 62, which is five years earlier than the full retirement age (FRA). If you opt to retire before reaching full retirement age, the federal government will lower your Social Security benefit by a set proportion.
- Retirees who decided to delay their benefits until 70: If you want to defer receiving benefits until you reach the age of 70, the Social Security Administration will gradually increase the amount of your Social Security check. However, keep in mind that his rise will only be valid until you reach the age of 70; after that, you will not be eligible for any monthly benefit increases. In other words, retiring at the age of 80 does not guarantee a higher payment.
- Retirees who work for the government: In some circumstances, the Social Security Administration utilizes a different formula to determine your average monthly indexed earnings. This also applies if you receive or are eligible for retirement or disability benefits from your employer but did not pay Social Security taxes. This work is often done for the government or in a foreign country.
Beneficiaries will get their next Social Security check next week
The SSA sends more than 64 million checks to retired workers across the country every month. Here are all the possible payment amounts based on the current rules, along with the due dates for the last three payments of the month:
| Social Security check payments | Retirement benefits | Survivors benefits | Disability benefits | SSI benefits |
| On average | $1,900 | $1,505 | $1,537 | $698 |
| Other payments | Age 62: $2,710
Age 67: $3,822 Age 70: $4,873 |
Individual: $1,773
2 Children: $3,653 |
Blind recipients: $2,590
Maximum payment: $3,822 |
Individuals: $943
Couples: $1,415 Essential person: $472 |
According to the Social Security payment schedule for this year, these will be the confirmed payment dates for November:
- Retirees, survivors, and disabled Americans born between the 1st and the 10th will be paid on November 13th
- Retirees, survivors, and disabled Americans born between the 11th and 20th will be paid on November 17th
- Retirees, survivors, and disabled Americans born between the 21st and the 31st will be paid on November 27th
