Each new month the Social Security Administration resets the payment schedule. For that reason, any United States citizen who has a retirement check accepted should watch out carefully on which day they will collect their payment.
It is not possible to collect on two different days, but only on one of them. In other words, this October we find that the Social Security Administration will send checks on 4 different days, but we will only be able to get payment on one of them.
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This may seem like bad news for retirees, but it is actually very good news. By getting paid on only one day, pensioners get all of their pension money at once. Therefore, if the monthly check is for $2,500 there is no more of a split payment, but only one check on one day.
By knowing the day of the payment, retirees can organize their finances in the best possible way. Social Security payments work that way and retirees should know the exact day to avoid financial problems.
5 IMPORTANT DAYS FOR SOCIAL SECURITY IN OCTOBER 2023
Still, it’s not just the day retirees will get paid that is important in October 2023. In addition to the 4 payment days, retirees have a date to mark on the October calendar. And that is because on that date we may finally know the official COLA date for 2024.
Although there are many different forecasts, retirees still don’t know the exact amount. Let’s look at all the important days in October 2023:
- October 3rd. On this day, benefit payments for pre-1997 retirees were sent out.
- October 11th. Social Security checks for retirees with a post-1997 benefit and birthday between the 1st and 10th of the month arrive on this day.
- October 12th. Key and very important date for retirees. While there are no check mailings on this day, the SSA will announce the exact COLA figure for 2024.
- October 18th. Any beneficiary with a birthday between the 11th and 20th of the month and a post-1997 benefit collects his or her check on this day.
- October 25th. Post-1997 retirees with birthdays between the 21st and 31st will get their payment on this October date.
Don’t forget that although Social Security will announce the COLA increase in October it will not arrive until the first of the January 2024 payments.