If you were not eligible for the October 3 and October 9 payments, Social Security has confirmed the next payment date for American seniors. The good thing is that it will not take long before retirees can receive their money.
The Social Security Administration’s payment schedule states that the next week’s payday will be on October 16, 2024. Although recipients will know by then the new COLA figure, the increase will not be sent until January 2025.
Who qualifies for Social Security on October 16?
To qualify for a monthly payment on the 16th, you must meet the birth date condition. However, it will not be the only requirement that the Agency has set for retirees.
- not eligible for Supplemental Security Income benefits (SSI)
- not on Social Security before May 1997
- filed and got approval
- did not break SSA’s rules
- born from 11-20 of any month or year
Bear in mind that the October 16 payment will only be for retirees aged 62 or older. SSDI recipients may also receive money from SSA on this date, but their payment amounts may be lower.
October 16 payment amounts for Social Security
The maximum payment amount for retirement benefits will be $2,710 if you filed for Social Security at the age of 62. The earlier you apply for retirement, the higher the reduction you get. You could get a reduction of up to 30% for this reason.
Filing at Full Retirement Age means you can only get up to $3,822. This is because you can only get 100% of your benefits, but you will not take advantage of any delayed credits.
Those who have earned the taxable maximum for 35 years, in jobs covered by SSA, worked for 35 years, and filed at 70 can get up to $4,873. Nevertheless, few Americans achieve it. As a matter of fact, average payment will be about $1,920 for all retired workers, as of August 2024.