Retirees who get Social Security in the United States look forward to the payment dates, which are essential for organising their monthly finances. Each month, the Social Security Administration distributes payments to different groups of beneficiaries, with dates determined by the year in which retirees began getting their benefits. November 13 is one such key date, as this is when the payment is made for retirees who meet certain requirements.
This particular payment is significant, as there is talk of an amount of up to $4,873 for retirees who have maximised their Social Security payment. However, not all retirees will have access to this amount. Only those who belong to group 2 will get this payment, and, in addition, they must meet certain criteria to get the maximum possible payment.
In order to get the full picture, let’s see who are the beneficiaries who will receive this payment on 13 November, how the maximum amount a pensioner can get is calculated and what steps should be taken by those interested in maximising their pension. We can also see how eligibility and dates of birth affect the final amount of the check.
Which retirees get the 13th November payment?
November 1st is payment day for Group 2 retirees, those who started getting their benefits after May 1997 and who have a birthday between the 1st and 10th of each month. It is important to note that only members of this group are assigned this specific date for payment, which corresponds to the standard monthly Social Security amount due to them based on their contributions and retirement dates.
Those retirees who are in Group 1 (those who started getting their benefits before May 1997) are not entitled to this payment. This group already got their check on November 1st and are not assigned a later date this month.
Once the payment is sent, Group 2 retirees will see the amount of their monthly Social Security benefit reflected in their bank accounts. For some, this amount is considerably high, reaching $4,873 in exceptional cases. However, as we will see below, not all retirees get this exact figure. Remember that with Direct Deposit the payment appears immediately in the current account.
How can I get the maximum payment for retirees?
To get the maximum possible Social Security payment, retirees must have met certain requirements throughout their working lives. Getting $4,873 in one month is not common, but it is possible if you have taken the right steps to maximise your benefit. Here are three key factors to achieve this amount:
- Delaying the start of payments: One of the most effective ways to maximise the benefit is to delay retirement. If a beneficiary decides to delay claiming payments until age 70 (rather than starting to receive them at age 62, which is the minimum age), the amount of money he or she will get each month will be significantly higher. This delay allows the pensioner to increase the pension by a considerable percentage for each additional year of waiting.
- Working for 35 years: The Social Security Administration calculates the amount of benefits based on earnings during 35 years of work. If a retiree has worked that long, rather than fewer years, and has managed to earn high wages during this period, he or she can increase the monthly payment considerably. In other words, those who have worked longer and with a higher income are entitled to a higher pension.
- Having a good salary during those years: Social Security takes into account the average of the 35 years with the highest salaries to calculate the payment. This means that the higher the earnings during those key years, the higher the amount you will get at retirement. A high salary in the latter part of one’s working career can be crucial to achieving the maximum possible payment.
However, it is important to note that not all retirees reach the maximum of $4,873, as this depends on the factors mentioned above. For most pensioners, the monthly payment will be lower, but those who met all the requirements and maximised their pension will enjoy a considerable amount.