The Social Security Administration (SSA) is about to send the last check for seniors on retirement benefits. However, it will not be until October 25 when eligible retirees will cash their monthly payments.
As a matter of fact, these Social Security payments can be really large. In 2023, a retiree can cash up to $4,555. Despite the fact that the Administration can pay that much money, it is very unlike a senior gets so much per month.
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The main reason not to cash $4,555 is the difficulty in having really high earnings for many years. Working for the required minimum of 35 years or delaying retirement may not be that difficult though.
WHO IS ELIGIBLE FOR THE OCTOBER 25 SOCIAL SECURITY RETIREMENT PAYMENT?
Eligibility will depend on two key factors. On the one hand, the date you filed and started collecting checks matters. On the other hand, your birth date is the second thing Social Security will pay close attention to.
First and foremost, if your birthday is from the 1st to the 20th, you will not receive a Social Security payment on October 25. The main reason not to cash it is because you must have already received it.
For example, if your birthday is from the 1st to the 10th, you got it on October 11th, 2023. Then, your next check will not arrive until November 8. Those whose birthday is from the 11th to the 20th will collect on November 15 and received one on October 18.
Therefore, the only possibility to cash the October 25 payment is to have been born between the 21st and the 31st. So, if that is your case, Social Security will send you your check of up to $4,555 on October 25.
WHAT IS THE AVERAGE CHECK FOR THE OCTOBER 25 PAYMENT AND DOES IT HAVE THE NEW SOCIAL SECURITY COLA INCREASE?
Undoubtedly, maximum amounts are much higher than average checks. As of September 2023, the average retirement payment was about $1,841. Thus, it is not even half the amount of the $4,555 maximum payment in 2023.
#BREAKING! More than 71 million Americans will get a 3.2% increase in monthly #SocialSecurity benefits and #SSI payments in 2024. Check our blog for more information: https://t.co/2RWlgZ3CVz #COLA #2024COLA pic.twitter.com/y7F19zqFWz
— Social Security (@SocialSecurity) October 12, 2023
Bear in mind that the largest check for 2023 will also increase in 2024. Thanks to the COLA increase, all the benefits Social Security sends will receive more money. For instance, the largest check at age 67 will be $3,822 in 2024 said SSA.
In fact, they will get a 3.2% boost. Not as much as in 2023, because that COLA figure was 8.7%, the highest in over 40 years. Since the cost of living adjustment is for 2024, the October payment will not get the new increase.
Therefore, seniors on Social Security will have to wait until January to cash their new amounts. Unless you are on SSI, you must wait till January for the new 3.2% boost.
Bear in mind that the first SSI payment was due on January 1st, 2024. Because of the holiday, Social Security will send it on December 29. That is when the new COLA amounts will be first received.