Overview

• Millions of retired seniors received the first round of November's Social Security payments, with payments worth up to $4,555 for individuals who retired at age 70.
• Disbursement dates are divided into three 10-day periods, based on the recipients' birth dates: those born from the 1st to the 10th receive their check on the second Wednesday, while those born from the 11th to the 31st receive theirs on either the third or fourth Wednesday of the month.
• The actual amount of dispensable Social Security varies according to the age of retirement: those retiring at 62 can get up to $2,572 per month; those retiring at 67, the full age of retirement, can get a maximum check of up to $3,627 per month; and those retiring at 70 can get up to $4,555 per month.
• Beneficiaries of the Social Security program can expect a 3.2% increase in their payments next year, a rise that corresponds to annual adjustments based on inflation. This percentage increase applies to all payments, including retirement and disability pay.
• Despite the increase, the Social Security Administration has warned about potential insolvency by 2034, prompting analysts to call for Congressional action to prevent this eventuality. Current beneficiaries would not be impacted by any changes that might be made to the program in response to insolvency concerns.