October’s Final Social Security Payment: Who Qualifies for Up to $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. It’s important to understand the eligibility criteria and payment amounts associated with this check.
Eligibility Requirements
If you qualified for any previous Social Security payments in October, you will not be eligible for the October 23 payment. Additionally, individuals collecting Supplemental Security Income (SSI) payments are also ineligible for this check. The October 23 payment is exclusively for those who meet the birthday requirement.
Payment Schedule for October 23
The last direct deposit or check for October will be issued on the 23rd for retirees born between the 21st and 31st of the month. In other words, if your birthday is after the 20th, you will receive your payment on this date. However, keep in mind that if you received your first payment from the SSA before May 1997, you will get your payment on November 1 instead.
While payments are typically scheduled for November 3, that date falls on a Sunday this year. Therefore, payments will be issued on November 1. As a result, both Supplemental Security Income payments and retiree payments will be issued on the same day. SSDI recipients born from the 21st to the 31st who have not yet received their October payment will also receive their checks on October 23.
Also read: Money Moves: One-Time Payments Up to $6,000 for Dental Patients Affected by Data Breach
Payment Amounts for October 23
The amount of your monthly Social Security payment will depend 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
Because of these variables, payment amounts will differ among recipients. While some may receive smaller checks, others may receive larger sums. As of August 2024, the average payment for retirees is about $1,920.
Payment Maximums
- Filing at 62: Maximum payment of up to $2,710
- Filing at Full Retirement Age in 2024: Up to $3,822
- Filing at 70: Up to $4,873
