Upcoming $4,873 Direct Deposit: Social Security Payments for U.S. Retirees Explained
According to Vibes.okdiario, Retirees in the United States can look forward to receiving one last Social Security payment in October. The Social Security Administration (SSA) is set to send direct deposits to retirees on October 23. To qualify for this payment, your birthday must fall between the 21st and 31st of the month.
Payment Amounts Depend on Work History
It’s important to note that the amount of your payment will vary based on your work history and the amount of taxes you’ve paid into the SSA. Consequently, the maximum payment amounts are generally reserved for high earners who meet specific criteria.
Upcoming Social Security Payment on November 1
For retirees who began receiving retirement benefits after April 30, 1997, your direct deposit will not occur on November 1. Instead, you will have to wait until November 13, 20, or 27, depending on your birth date.
Social Security will deliver direct payments to retirees on November 1 if:
- You are also eligible for and receiving Supplemental Security Income (SSI) on that date.
- You started receiving benefits before May 1997.
Additionally, since November 3 falls on a Sunday, SSA has rescheduled that payment to the previous business day. Importantly, if you receive both SSI and retirement benefits, your paydays will align, meaning you can expect two checks on November 1, 2024.
Also read: November Social Security Benefits: Discover Who Qualifies for Extra Payments
Payment Amounts for November 1
On November 1, Social Security can pay up to $4,873 to retirees who have worked for 35 years in jobs covered by SSA, filed at age 70, and earned the taxable maximum throughout those years. Failing to meet these requirements will result in lower payments.
For individuals who meet most of these criteria but file at Full Retirement Age, the maximum benefit is $3,822, while those filing at 62 can receive up to $2,710.
On average, retirees can expect to receive about $1,920. However, it’s important to keep in mind that if you have only worked for ten years, filed at 62, or had a low wage, your payment will likely be significantly lower.
