People in the United States who are retired and get Social Security look forward to the dates of their payments because they help them plan their monthly finances.
The Social Security Administration sends money to different groups of beneficiaries every month. The dates of the payments are based on the year that retirees started getting their benefits.
One important date is November 13, because that is when retirees who meet certain requirements get their money.
There is talk of a payment of up to $4,873 for retirees who have maximized their Social Security payment. This payment is important. But not all retirees will be able to get this much money.
This payment is only for people in group 2, and they must also meet certain requirements to get it. The most money that can be paid.
In order to get a full picture, let us look at who will get this payment on November 13, how the maximum amount a pensioner can get, and what steps people should take to get the most out of their pension.
Besides that, we can see how eligibility and birth dates change the check’s final amount.
Which retirees get the 13th November payment?
If your birthday is between November 1st and October 10th, you are in Group 2 and started getting your benefits after May 1997. Your payment date is November 1st.
It is important to remember that this payment date is only for people in this group. It is the standard monthly amount that they are owed by Social Security based on their contributions and when they retired.
People in Group 1—retirees who started getting benefits before May 1997—are not eligible for this payment. If this group got their check on November 1, they will not get another one this month.
People in Group 2 who are retired will see the amount of their monthly Social Security benefit in their bank accounts as soon as the payment is sent. For some, this amount is very high; in some cases, it goes up to $4,873.
But, as we will see below, not all retirees get this exact amount. Do not forget that when you use Direct Deposit, the payment shows up right away in your current account.
How can I get the maximum payment for retirees?
To get the most money from Social Security when they retire, people must have met certain requirements while they were working.
It is not common to get $4,873 in one month, but it is possible if you know how to get the most out of your money. To reach this amount, here are three important things:
- Delaying the start of payments: One of the most effective ways to maximize 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.
It is important to remember, though, that not all retirees get the full $4,873. This depends on the things we talked about above.
The monthly payment for most pensioners will be less, but those who met all the requirements and got the most out of their pension will get a lot.