The Social Security program, established in 1935 under President Franklin D. Roosevelt, continues to provide essential financial support to millions of Americans, including retirees, individuals with disabilities, and their families.
This November, benefit payments will follow the standard distribution schedule, ensuring recipients receive their funds before Thanksgiving.
Payment Schedule for November
Social Security payments are given out based on the dates of birth of the people who are entitled to them. The schedule is set up into three separate weeks:
- Birthdays between the 1st and the 10th: Payments were issued on Wednesday, November 13.
- Birthdays between the 11th and the 20th: Payments will be deposited on Wednesday, November 20.
- Birthdays between the 21st and the 31st: Funds will arrive on Wednesday, November 27, just one day before Thanksgiving.
How to Receive Social Security Payments
Since 2013, Social Security has switched to an all-electronic payment system, leaving only very few situations where paper checks are still needed. Beneficiaries can do one of two things:
- Direct Deposit: This is the most secure and widely used method, allowing payments to be directly deposited into bank accounts, ensuring speed and safety.
- Direct Express Debit Card: Designed for those without bank accounts, this prepaid card allows recipients to access funds, pay bills, and make purchases.
The switch to electronic payments, which began in 2011, makes things run more smoothly, saves money, and is better for the environment. It also protects against risks like lost checks.
How Social Security Benefits Are Calculated
Monthly Social Security benefits are influenced by three main factors:
- Earnings history.
- Type of benefit (retirement, disability, etc.).
- Age when benefits begin.
The age at which beneficiaries start receiving payments significantly affects the monthly amount:
- At full retirement age (FRA): Payments are substantial but lower than if delayed.
- Delayed until age 70: Monthly benefits increase significantly, reaching up to $4,873 in 2024.
- Early retirement at 62: Payments are reduced, with a maximum of $2,710 in 2024.
The FRA depends on the beneficiary’s birth year:
- Born 1943–1954: FRA is 66 years.
- Born 1955–1959: FRA increases incrementally by two months each year, reaching 66 years and 10 months for those born in 1959.
- Born 1960 or later: FRA is 67 years.
Support for Low-Income Individuals and Disabilities
In addition to regular Social Security, people with low incomes or disabilities may be able to get Supplemental Security Income (SSI), a separate program designed to help them with basic expenses.
SSI is different from regular Social Security benefits because it has a set payment schedule and amounts that are based on each person’s needs.
Planning for Retirement with Social Security
Social Security is a very important source of income, but it is not meant to cover all of your costs in retirement. Beneficiaries can get the most out of their benefits if they plan ahead:
- Delay retirement: Increases monthly payments and provides greater financial security in the long run.
- Start early: Offers immediate access but results in lower lifetime benefits.
People who are supposed to get money in November should look over their FRA, make sure they understand when their money will be sent, and pick the best way to get it.
Social Security is still an important safety net for millions of Americans, providing stability and support during life’s most difficult times, whether they are planning for retirement or managing their current benefits.
