October is almost over, and soon, everyone who gets Social Security will get their last payment. Just how sure are you that this payment is not for you? Keep reading to find out how it could help you.
The Annual Payment Schedule from the Social Security Administration says that this week is the last chance to get a Social Security Payment. The next one is coming on October 23.
Who will receive the last Social Security payment?
To find out if you are one of the lucky people who will get this last payment, you must first understand how the Social Security Administration (SSA) splits payments up and sends them on different times.
This process is meant to make things easier for the SSA because making over 70 million payments at once could lead to mistakes. Instead, spreading it out over the month makes it easier to keep an eye on things without putting more stress on the staff.
It might look like the plan that was shared before is easy. Do not be too sure of yourself, though, because all it takes to make a mistake is picking the wrong color or sign.
To make sure you always do it right, know that the first thing the SSA does is base your Social Security check on the date you started getting benefits. Based on when people collected their first Social Security benefit, the SSA sends out payments in the following way:
If you were a beneficiary before May 1997, you will get your payment on the third of every month, no matter what program you are in.
Beneficiaries after May 1997:
People who get SSI will get their money on the first of the month, or the work day before if the first is a holiday or weekend.
Beneficiaries of Old Age, Survivors, and Disability Insurance (OASDI) get their benefits every month based on the date they were born, as shown below:
- 1st to 10th: The payment will arrive on the second Wednesday of the month.
- 11th to 20th: The disbursement is executed on the third Wednesday of the month.
- 21st to 31st: This week, all beneficiaries with these birth dates will be able to receive their payment on Wednesday, the fourth of the month.
How can you apply to get a Social Security payment?
Your Social Security payment will be sent to you if your birthday is between December 21 and December 31 and you are not in any of the SSA’s programs. Calling or visiting your local SSA office or the SSA’s website is the easiest thing to do.
To do most things these days, you can do them online. In short, the groups that will get this week’s payment must meet the following criteria in order to be eligible:
Old Age: This program, which is also known as retirement, is a key part of the SSA’s general structure. All you have to do to be a part of it is pay Social Security taxes while you work. The goal is to get 40 Social Security credits so that you can be called fully covered.
Because you can get four points a year, you need to give for at least ten years. After that, you can stop working when you reach age 62.
Survivors: It is based on your retirement contributions, which means that if you pass away, your family can get a pension depending on the sums you contributed to the Social Security Administration.
Disability insurance: is also based on how much you have saved for retirement, but you have to have done this for at least five of the last ten years.
If you are medically labeled blind or disabled, you will get a monthly payment based on how much you have contributed in the past.
How much will you receive in the last Social Security payment?
SSA statistics from September 2024 show that the average Social Security amount for each program is:
- Retirement benefits: $1,872.09
- Survivor Benefits: $1,509.36
- Disability Insurance:$1,402.69
- Supplemental Security Income: $698.51
Also see:-Social Security has officially made 1 of the top changes for 2025 – 3 more to go
