The fourth monthly payment for retirees is about to be sent by the Social Security Administration. As a matter of fact, a new check will be issued on October 23, 2024.
Bear in mind that if you qualified for any of the previous Social Security payments in October you will not be eligible. What is more, you cannot receive the October 23 payment if you are collecting SSI payments. And this check or direct deposit is only for those who meet the birthday requirement.
Social Security on October 23, last check this month
The last direct deposit or check will be issued on the 23rd if you were born from the 21st to the 31st. That is, if your birthday is after the 20th. Of course, you cannot have gotten payment from Social Security before May 1997.
Those who received their first payment from the Administration before May 1997 will get their money on November 1. Although they usually receive money on November 3, it is Sunday.
So the Sunday, November 3 payment will be sent on November 1. As a consequence, the Supplemental Security Income payment and the payment for retirees will be issued on the same day. SSDI recipients born from 21-31 who did not receive their October payment yet will get a check on October 23 too.
Amounts for the October 23 payment, Social Security confirms them
The amount of your monthly payment will depend on:
- earnings as a worker
- age you filed for Social Security
- number of years you worked for
- the taxes you paid as you worked
- if you earned or not the taxable maximum for 35 years
Therefore, it is impossible for all recipients to get the same amount of money. While some may receive a small check, others may get a large one. On average, as of August 2024, retirees receive about $1,920.
If you have filed at 62, your maximum payment will be up to $2,710. Those who have applied for retirement benefits at Full Retirement Age in 2024 can get up to $3,822. Filing at 70 means you can receive a check of up to $4,873.
