Social Security update: Monthly payment worth an average of $1,668 to go out to millions in five days
Jack Birle
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Millions of Social Security recipients are set to get their monthly retirement payments, worth up to an average of $1,668 per check, in only five days.
Social Security beneficiaries born from the 21st through the 31st of their birth months will receive their regular checks on Nov. 23, according to the Social Security Administration. Those who have birth dates before the 21st have already received their checks for November.
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The monthly retirement benefits are paid to beneficiaries in three waves, with all three occurring on Wednesdays. The waves of payments are divided by the birthdays of the recipients.
The first wave of checks is always sent out on the second Wednesday of each month to those born on the 1st through 10th of their birth months, with this month’s payment having been sent out to that group on Nov. 9. The second wave of checks was sent out on the third Wednesday of the month, Nov. 16, for those born on the 11th through 20th of their birth months, per the SSA.
Regular Social Security payments are based on earnings throughout a person’s lifetime and have no limits based on income or resources.
These checks differ from other payments distributed by the agency, such as disability insurance or Supplemental Security Income. The latter check is set to be paid out to beneficiaries next on Dec. 1.
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Analysts estimate Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it.