The final wave of November Social Security payments, reaching up to $4,873 for the highest-income retirees who start receiving benefits at age 70, will be distributed in just three days.
The amount a retiree receives from Social Security is influenced by several factors, including the age at which they retire, their total years of contributions, and their earnings. For those retiring at 70, the maximum monthly payment is $4,873. In contrast, retirees who start collecting benefits at 62—the earliest age to do so—can expect up to $2,710 per month.
To get a personalized estimate of their benefits, retirees can use the Social Security Administration’s online calculator.
Payments are issued based on the retiree’s birth date. The first round of payments went to individuals born between the 1st and 10th of the month, distributed on November 13. Those born between the 11th and 20th received their payments on November 20, and the final group, those born on or after the 21st, will receive their checks on November 27.
Social Security has been a vital program for retirees since its establishment in 1935, funded by payroll taxes from both employees and employers. However, experts warn that by 2034, the program may face shortfalls, potentially affecting the amount of benefits recipients receive. It will be up to Congress to address these challenges to ensure the program’s sustainability.
