Social Security Payments for October: Eligibility Breakdown for $1,920 and $4,873
According to Vibes.okdiario, The Social Security Administration (SSA) is set to issue the fourth monthly payment for retirees on October 23, 2024. This will be the last check for eligible beneficiaries this month.
Eligibility for the October 23 Payment
It’s important to note that if you qualified for any of the previous Social Security payments in October, you will not be eligible for this payment. Additionally, those collecting Supplemental Security Income (SSI) payments will not receive the October 23 payment. This check is only available to individuals who meet specific birthday requirements.
Last Check for October
The final direct deposit or check for October will be issued on the 23rd for those born between the 21st and 31st of the month. To qualify, your birthday must be after the 20th. Furthermore, you cannot have received payments from Social Security prior to May 1997.
Individuals who received their first payment from the SSA before May 1997 will have their checks sent on November 1. This is because the usual payment date of November 3 falls on a Sunday.
Coinciding Payments on November 1
Consequently, the November 3 payments will be issued early on November 1. This means that both Supplemental Security Income (SSI) payments and payments for retirees will be distributed on the same day. Additionally, SSDI recipients born between the 21st and 31st who have not received their October payment will also get their checks on October 23.
Payment Amounts for October 23
The amount you receive for your monthly payment will vary based on several factors, including:
- Your earnings as a worker
- The age at which you filed for Social Security
- The number of years you worked
- The taxes you paid during your working years
- Whether you earned the taxable maximum for 35 years
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As a result, it is not possible for all recipients to receive the same payment amount. While some individuals may get a smaller check, others could receive a larger one. As of August 2024, retirees receive an average monthly payment of approximately $1,920.
Maximum Payments Based on Filing Age
If you filed for benefits at age 62, your maximum payment could be up to $2,710. Those who applied for retirement benefits at their Full Retirement Age in 2024 can receive up to $3,822. Additionally, if you file at age 70, you may receive a check of up to $4,873.
