Retirees will soon receive the first payment from the Social Security Administration in October. Some beneficiaries have already received their Supplemental Security Income benefit payment, which may qualify them for the October 3 payment if on retirement or SSDI benefits too.
Bear in mind that the October 3 payment will also be for those retirees who started getting monthly payments before May 1997. Do not forget that if you got benefits after that date, you qualify for one of the next benefits on Wednesdays unless you are also on SSI like it was stated before.
Who can receive $3,822 from Social Security on October 3?
This large payment will only be for the group of recipients who got benefits before May 1997 and for those who meet 4 essential requirements that Social Security set:
- have filed at Full Retirement Age (66 years and 8 months old)
- have earned the contribution and benefits base for 35 years
- that implies you have worked for 35 years
- you must have had jobs that paid payroll taxes to SSA
If you do not meet all these requirements, you cannot receive all this money on October 3. Instead, you may receive a lower payment. For example, an average payment for retirees is worth $1,920.
If you are not eligible for Social Security on October 3
In this case, you could receive money from the Administration next week. It is true that the maximum amount for those who filed at Full Retirement Age is also $3,822. However, some retirees who filed at the age of 70 may get up to $4,873.
Early filing at 62 is also possible, but you may just get up to $2,710. After the October 3 payment, retirees will get money on October 9 if their birthday is from the first to the tenth.
So, the next two upcoming payments can be either on the third or on the ninth. If you have not filed for Social Security and you have not gotten approval yet, you will not qualify. It is only possible to get one check or direct deposit from retirement benefits per month.
