Millions of retirees in the United States are in luck, as they will receive a Social Security benefit of up to $4,555 in just a few days. Being able to acquire this benefit on the next October 25th is possible if we meet two mandatory requirements. Therefore, it is worth checking if we are on the eligible list to find out if we will get the new check or not.
Within this group we can find all kinds of retirees. Both Full Retirement Age (age 67) and Social Security Disability Insurance (SSDI) beneficiaries will be able to collect the payment. It does not matter the type of retirement to be part of the group that will receive the last check of the month. Meeting two requirements is enough and it does not matter what type of benefit we have.
However, it is good to remember that the Supplemental Security Income benefit is different. So if you have this benefit, you will not receive it on October 25th, but on a different day. In total, it is common for Social Security to send checks on up to 5 different days. Four of those days are for age-based retirements. The fifth of those days is for SSI.
The Social Security payment is the one that matters to us at this point, since we are looking at the last payment of the month. After the October 25th check retirees will have to wait until November to collect a new payment. Are you on the list to get the new retirement check?
WHICH 67-YEAR-OLD RETIREES WILL COLLECT THE NEXT SOCIAL SECURITY?
The group of Social Security beneficiaries who will collect the new check on the upcoming October 25th must meet two requirements. The first of these requirements is to have the benefit since after 1997. If our check is prior to that year, payment will always arrive on the 3rd of each month, with some exceptions.
But if our benefit is after that year, the payment may arrive on the second, third or fourth Wednesday of the month. In this case we are in the fourth and last Wednesday of the month, so we must meet the requirements to be within that group. Having a check after 1997 is not enough. In addition to that, we must have a birthday on specific days.
The birthday dates are from the 21st to the 31st of any given month. Therefore, having a birthday between those days and having applied for Social Security since after 1997 will result in having a check for up to $4,555 on the October 25th.
HOW TO INCREASE THE RETIREMENT BENEFIT?
United States citizens who have not yet applied for a Social Security check may be able to get a larger benefit. The maximum check of $4,555 is available to all those who qualify.
In total there are three elements that make up the monthly retirement payment. If we maximize these three elements we are going to be able to get the maximum check or at least come close. These elements are the retirement age, the years worked and the worker’s salary.
It is mandatory to have a high salary, work for 35 years and delay retirement as long as possible. If we retire at 62 years of age, we will not be able to get the maximum check. It is mandatory to wait until the age of 70. Applying for a check at that age and having worked for 35 years with a high salary will bring us closer to the maximum monthly payment.