INCOMING CASH: Social Security checks worth $4,873 will be sent this week – but your birthday will determine if you get the cash

According to The Sun , Social Security payments, which can total up to $4,873, will be hitting Americans’ bank accounts this Wednesday, but when you receive your check depends on when you were born.

Social Security, a program established in 1935 by President Franklin D. Roosevelt, provides financial support to retired workers, people with disabilities, and families of deceased workers. Americans contribute to the system throughout their careers, and in return, they receive monthly payments to help support their retirement.

Payments are made on a set schedule based on the beneficiary’s birth date:

• Those born between the 1st and 10th of the month will receive their payments on the second Wednesday.
• Those born between the 11th and 20th will receive theirs on the third Wednesday.
• People born from the 21st to the 31st will receive payments on the fourth Wednesday.

For November 2024, Social Security payments will be distributed on November 13, November 20, and November 27.

While the general distribution schedule follows birth dates, there are exceptions. For instance, Supplemental Security Income (SSI) recipients are typically paid on the first of each month, but if the first falls on a weekend or holiday, payments are made on the last business day of the previous month. Additionally, some beneficiaries who applied for benefits before May 1997 have a payment schedule on the 3rd of each month.

Also Read – Why Social Security Payments Are Not Issued on Thanksgiving Day

The amount you receive from Social Security depends on your work history and how much you contributed to the program. Those who wait until age 70 to begin claiming benefits can receive up to $4,873 a month. However, the earlier you start, the lower your payments will be. If you retire at your full retirement age (FRA) in 2024, the maximum payment is $3,822 per month. FRA varies depending on when you were born:

• 1943–1954: age 66
• 1955–1959: age 66, plus 2 months for each year
• 1960 and later: age 67

For those who start benefits at age 62 in 2024, the maximum monthly payment is $2,710.

Social Security expert Shalae Morgan shared tips on maximizing your benefits. She pointed out that delaying your benefits could result in an additional $26,000 annually. However, she also warned about common mistakes that could cost beneficiaries thousands each month and provided strategies for planning ahead.