Eligible retirees are set to receive direct payments of up to $4,873 in their bank accounts soon. However, it’s important to note that the October payments for Social Security will not reflect the 2025 Cost of Living Adjustment (COLA) increase. This COLA boost will take effect in January 2025, with the first payments reflecting this increase scheduled for January 3, 2025.
Key Dates for Social Security Payments in October
Retirees who qualify for benefits but did not receive a payment on October 3 have three upcoming payment dates. However, they can only receive one of these payments. Here’s what you need to know about the eligibility criteria for the October 9 direct payment:
- You must have filed for Social Security retirement benefits.
- You should not be receiving Supplemental Security Income (SSI) benefits.
- You should not have received retirement benefits before May 1997.
- This payment is for retirees whose birthdays fall between the 1st and 10th of any month, regardless of the year.
If you do not qualify for the October 9 payment, don’t worry. According to the Social Security Administration’s payment schedule, there will be another direct payment one week after the October 9 payment, followed by a third payment in two weeks.
Also Read – $2,452 SSDI Payment for Families: Delivery in Hours and Again in 6 Days!
Who Qualifies for the $4,873 Payment?
To receive the maximum payment of $4,873 from Social Security, you must meet specific criteria:
- You must have worked for at least 35 years in jobs covered by the Social Security Administration (SSA), ensuring you paid sufficient payroll taxes throughout your career.
- You must file for benefits at the age of 70.
- You need to meet the contribution and benefit base requirement, which is the taxable maximum—$168,600 for 2024.
Also Read – October SSDI Payments: Are You Eligible for $1,539 or $3,822?
It’s important to note that the average Social Security retirement benefit is significantly lower, at around $1,920. Low earners who filed at age 62 and worked for fewer than 35 years may receive even smaller payments. Social Security payments are tailored to your individual work history and filing status.
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