Last October Social Security Payment for Retirees Born on These Dates – Check Eligibility for $1,920 or $4,873

The Social Security Administration (SSA) is set to issue the fourth and final monthly payment for retirees on October 23, 2024. However, not everyone will qualify for this payment, as certain eligibility requirements need to be met. This direct deposit or check will only be issued to those who meet specific birthday and payment conditions.

If you’ve already received a Social Security payment earlier in October or collect Supplemental Security Income (SSI), you are not eligible for the October 23 payment. So, who qualifies for this check? Here’s what you need to know.

October 23 Payment

The October 23 Social Security payment is exclusively for retirees and SSDI recipients who were born between the 21st and 31st of any month. These individuals have been scheduled to receive their payments on the fourth Wednesday of each month, following the typical Social Security calendar. Importantly, if you were already receiving Social Security before May 1997, you will not be eligible for this particular payment; instead, you will receive your benefit on November 1, 2024.

Here’s a breakdown of the eligibility:

• Birthday requirement: You must have been born between the 21st and 31st.
• No previous payments in October: If you’ve already received a payment earlier in October, you will not receive another on the 23rd.
• No Supplemental Security Income (SSI): Recipients of SSI are excluded from this particular payment.

Additionally, retirees who have been receiving Social Security since before May 1997 will get their next payment on November 1, due to a scheduling adjustment because November 3 falls on a Sunday.

Disability Insurance

If you’re receiving SSDI and meet the birthday requirement of being born between the 21st and 31st, but have not yet received your October payment, you will also receive your check or direct deposit on October 23. However, like retirees, those who have already received an October payment will not qualify for a second.

Payment Amounts

The amount of your Social Security payment depends on a variety of factors, including your earnings, the age you filed for benefits, the number of years you worked, and whether you reached the taxable maximum for 35 years.

Here’s a look at how payment amounts vary based on your retirement age:

Retirement Age	Maximum Monthly Payment
Filed at age 62	Up to $2,710
Filed at Full Retirement Age (FRA) in 2024	Up to $3,822
Filed at age 70	Up to $4,873

As of August 2024, the average monthly payment for retirees is about $1,920. However, your actual payment may differ significantly based on the factors mentioned earlier, such as your lifetime earnings and filing age.

Key Factors

Your monthly payment is calculated based on:

1. Your earnings history: The more you earned while working, the higher your benefit.
2. The age you filed: Filing before your Full Retirement Age (FRA) will result in reduced payments, while delaying until age 70 results in larger benefits.
3. Work history: Working at least 35 years helps maximize your benefit, as the SSA calculates your benefits based on your highest 35 years of earnings.
4. Social Security taxes: If you paid into Social Security through payroll taxes during your career, you are eligible for benefits.
5. Taxable maximum: If you earned at or above the taxable maximum for 35 years, your benefit will be significantly higher.

These factors ensure that not every retiree receives the same payment amount. For example, those who filed at age 62 can receive up to $2,710, while those who waited until 70 may receive a check as large as $4,873.

Upcoming Payment Dates

Looking ahead, recipients who were eligible for Social Security before May 1997 will receive their next payment on November 1, 2024. Typically, their payment would fall on November 3, but because this date is a Sunday, the SSA will send out checks early. On November 1, both the Supplemental Security Income (SSI) payment and the retirees’ payment will be issued on the same day.

The upcoming October 23 Social Security payment is the last of the month, and it’s important to confirm your eligibility to avoid confusion. Only retirees and SSDI recipients born between the 21st and 31st who haven’t yet received their October payment will qualify. Those collecting SSI or retirees who began receiving benefits before May 1997 will receive their next payments in November.

With payment amounts varying significantly based on your earnings and retirement age, it’s crucial to understand how Social Security calculates your benefit to avoid surprises. Whether you’re receiving the average payment of $1,920 or have maximized your benefits to receive as much as $4,873, Social Security remains a vital source of income for millions of retirees and disabled workers across the U.S.

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