Direct payments of up to $4,873 are about to be sent to eligible retiree’s bank accounts. Bear in mind that the October payments for Social Security will not include the 2025 COLA increase.
This COLA boost will not become effective for retirees until January 2025. In fact, the first payments with the Increase will not be sent until January 3, 2025. So, let’s have a look at the next Social Security payment in October without the 2025 boost.
Social Security in less than 2 days
Retirees who qualified for benefits but did not get a payment on the third have 3 upcoming paydays. However, they can only receive one of these payments. Let’s check the eligibility for the October 9 direct payment:
- filed for Social Security retirement benefits
- are not receiving SSI benefits
- did not get retirement benefits before May 1997
- for retirees whose birthday is from 1-10, regardless of the month or year they were born
Do not worry if you are not eligible for the October 9 payment. The Social Security Administration’s payment schedule shows that there will be one direct payment one week after the payment for retirees on October 9. And another one in 2 weeks.
Who will receive $4,873 from Social Security on October 9?
In order to receive $4,873 from Social Security, you must have worked for 35 years in jobs covered by SSA. That is, you paid enough payroll taxes to the Agency as you work.
However, this will not be enough. Filing at the age of 70 is required and earning the contribution and benefit base for 35 years is also a must. For your information, the contribution and benefit base is the taxable maximum (168,600 in 2024).
As a matter of fact, the average payment for Social Security retirement benefits is just $1,920. Some low earners who filed at 62 and worked fewer than 35 years may get small checks though. Payments are made-to-measure depending on your work and filing background.