Don’t Miss Out: $4,873 Social Security Payment Scheduled for Today—Check Your Birthday!
According to The Sun, Social Security beneficiaries should now be receiving their October checks, with payments worth up to $4,873 hitting bank accounts today. However, not every beneficiary will see the payment in their account right away, as the exact amount depends on various factors.
Payment Amounts Based on Individual Factors
The first of three Social Security payments is dropping today, but the amount you receive will depend on several factors, including your birthday, retirement age, and your contributions to Social Security.
Beneficiaries receive different amounts based on when they choose to retire, how much they contributed during their working years, and the duration of their contributions.
- Early Retirement: Retiring at the earliest age of 62 caps the monthly payout at $2,710.
- Delayed Retirement: If you wait until the maximum age of 70, you can receive up to $4,873 per month.
The Social Security Administration (SSA) provides an online calculator that helps recipients estimate their expected payments based on their individual circumstances.
Payment Schedule by Birthdate
Social Security payments are distributed in waves based on a retiree’s birthdate:
- Today: Beneficiaries born between the 1st and 10th of any month will see their checks deposited today.
- October 16: Those born between the 11th and 20th will receive their payments.
- October 23: Individuals born after the 21st will receive theirs.
Also read: “‘Unhinged’ Payment Options: Walmart Shoppers Demand Apple Pay Amid Boycott Threats”
Anticipated Increase in Social Security Benefits
Social Security is a critical program, with 68 million Americans expected to receive benefits in 2024. Over one-third of beneficiaries rely on Social Security for more than half of their income, making the annual cost-of-living adjustment (COLA) essential for maintaining purchasing power.
Tomorrow, inflation data for September will be released, completing the data needed to calculate the 2025 COLA. This adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Experts predict a smaller COLA for 2025, estimating an increase of around 2.5% due to slowing inflation. This would raise the average monthly benefit from $1,920 to approximately $1,968.
Inflation Trends and Economic Outlook
Inflation data for July and August has already shown year-over-year increases of 2.87% and 2.35%, respectively, averaging 2.61%. With inflation expected to slow further, many economists predict that the 2025 COLA will be one of the smallest in recent years.
The Senior Citizens League estimates a 2.5% increase, which would boost the average monthly benefit from $1,920 to $1,968, resulting in an annual increase from $23,046 to $23,622.
