Social Security to Send Direct Payments of Up to $4,873 – Arriving in Less Than 2 Days

Eligible retirees will soon receive direct payments of up to $4,873 in October, but these will not include the Cost of Living Adjustment (COLA) increase for 2025. This upcoming COLA boost is set to take effect in January 2025, so the first Social Security checks with the increase won’t be sent out until January 3, 2025. For now, let’s break down the upcoming payments in October without the 2025 boost and what you need to know about your eligibility.

Payments in October

For retirees who qualify but haven’t yet received a payment this month, there are three key pay dates to know about in October. However, you’ll only be eligible for one of these direct payments. Let’s take a closer look at who qualifies for the next Social Security payment on October 9.

Who’s Eligible

You may qualify for the upcoming October 9 payment if you meet the following criteria:

• Filed for Social Security retirement benefits but are not receiving Supplemental Security Income (SSI).
• Did not receive retirement benefits before May 1997.
• Were born between the 1st and 10th of any month or year.

If your birthdate falls outside this range, or if you didn’t file within the required timeframe, don’t worry. The Social Security Administration has a staggered payment schedule. This means there’s another round of direct payments one week after October 9, with another payment due two weeks later.

Who Gets It?

Now, if you’re wondering who exactly will receive the top-tier payment of $4,873 on October 9, here’s the scoop. To qualify for this amount, retirees must have fulfilled specific criteria over their working life. Let’s look at these requirements in more detail.

Maximum Payment

To receive the maximum payout of $4,873, you need to meet these conditions:

1. Worked in SSA-covered jobs for 35 years: This means you paid into Social Security through payroll taxes over those 35 years.
2. Reached the age of 70 before filing: Filing at this later age allows you to maximize your Social Security benefits.
3. Earned the contribution and benefit base for 35 years: This is the taxable maximum, which is set at $168,600 in 2024. You need to have consistently earned this amount for the full 35 years to qualify for the highest benefit.

Reality for Retirees

For the average retiree, however, the situation looks a bit different. The typical payment for Social Security retirement benefits is around $1,920 per month. Retirees who filed at age 62 or worked fewer than 35 years may receive smaller payments. Social Security benefits are highly personalized, varying based on your work history, income, and when you decided to file.

Here’s a quick breakdown:

Payment Tier	Monthly Benefit	Criteria
Maximum Payment ($4,873)	$4,873	Filed at 70, worked 35 years, earned taxable max
Average Payment	$1,920	Filed after age 62, typical work history
Lower Payments	Less than $1,920	Filed at 62, fewer than 35 years of work

Moving Forward

While the October payments are coming soon, it’s important to keep in mind that these amounts will not reflect the 2025 COLA increase. That change won’t come into effect until January 2025, with payments arriving at the start of the year. So, for now, retirees will receive their regular Social Security benefit amounts in October, based on their personal work history and filing decisions.

If you’re eligible for the October 9 payment but haven’t received yours yet, keep an eye out for your bank account to reflect the deposit in the coming days. And if you miss out on this specific pay date, don’t fret—additional payments are just around the corner in October.

For many retirees, these payments are a lifeline, and understanding how to maximize your benefits can make a big difference in your financial stability.

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