October may be coming to an end, but retirees are still receiving their final Social Security payment for the month. For those born between the 21st and the 31st, the last October payment was issued on October 23, 2024. As retirees prepare for the next round of payments in November, it’s important to know when their direct deposit will arrive and how much they can expect.
The amount each retiree receives varies based on their work history and how much they contributed to Social Security taxes over their lifetime. High earners who have paid the maximum Social Security tax for many years are eligible for the largest payments, but most retirees receive an amount reflective of their earnings and filing age.
Who Receives Payments
Although most retirees will receive their next payment in November according to the standard Wednesday schedule, some individuals will get their direct deposit on November 1, 2024. To qualify for this payment date, you must meet one of the following criteria:
- You receive both Supplemental Security Income (SSI) and Social Security retirement benefits.
- You began receiving retirement benefits before May 1997.
Since November 1 falls on a Friday, the Social Security Administration (SSA) has moved up the first payment for those who qualify. Additionally, the SSI payment for November will also be issued on this date. Retirees who receive both retirement and SSI benefits will see both checks deposited on November 1, 2024.
If you started receiving retirement benefits after April 30, 1997, your first November payment will arrive on one of the following Wednesdays, based on your birthdate:
- November 13: For those born between the 1st and 10th.
- November 20: For those born between the 11th and 20th.
- November 27: For those born between the 21st and 31st.
Payment Amounts
The amount retirees receive in their Social Security check depends on several factors, including the length of their work history, their earnings over the years, and the age at which they filed for benefits. While it’s possible to receive up to $4,873 per month if you filed at 70 after 35 years of maximum earnings, not everyone qualifies for such high amounts.
Here’s a breakdown of potential Social Security payments based on age and other factors:
| Filing Age | Maximum Monthly Payment |
|---|---|
| Age 70 | Up to $4,873 |
| Full Retirement Age (FRA) | Up to $3,822 |
| Age 62 | Up to $2,710 |
Average Payment
Most retirees won’t receive the maximum payment. On average, Social Security payments for retirees are around $1,920 per month. This amount can be higher or lower depending on your work history and the age at which you began receiving benefits. For instance:
- Those who worked fewer years or had lower wages can expect lower payments.
- Filing early at age 62 significantly reduces the monthly benefit, while waiting until age 70 maximizes the payout.
For retirees, knowing when their Social Security payments are scheduled is crucial for managing monthly finances. In November 2024, those receiving both SSI and retirement benefits or who started receiving benefits before May 1997 can expect their next direct deposit on November 1. For everyone else, the SSA will distribute payments based on birthdate on November 13, 20, or 27. While some may qualify for high payments based on their earnings and filing age, the average monthly benefit hovers around $1,920.
FAQs
Who will receive Social Security on November 1, 2024?
Those receiving SSI or who started benefits before May 1997.
What is the maximum retirement benefit in 2024?
Up to $4,873 if filed at age 70 after 35 years of high earnings.
When will retirees born between the 1st and 10th get paid?
Their next payment will be on November 13, 2024.
How much is the average Social Security check for retirees?
The average is about $1,920 per month.
Will I get two payments if I receive both SSI and retirement benefits?
Yes, both payments will be deposited on November 1, 2024.
