Even if they missed the October 3 payment, retirees 62 years of age and older who receive Social Security may still be qualified for direct installments on subsequent days.
October Social Security benefits are allotted according to birth dates, with three primary payouts scheduled for the month.
October Payment Dates Based on Birthdays
Based on retirees’ birth dates, the Social Security Administration (SSA) has set up a plan for when they will get their payments:
- October 9: Retirees born between the 1st and the 10th of the month will receive their payment on this date.
- October 16: Payments for those born between the 11th and the 20th will be deposited.
- October 23: Retirees born from the 21st through the 31st can expect their payments.
- Average and Maximum Social Security Payments for October
- For October, the average Social Security payment for retirees is estimated to be approximately $1,920. However, benefit amounts can vary widely based on factors such as the age at which individuals begin claiming benefits:
- $2,710: Monthly benefit if filed at age 62
- $3,822: Monthly benefit if filed at Full Retirement Age (66 years and 8 months)
- $4,873: Monthly benefit if filed at age 70
Those who delay their benefits until age 70 or have made a lot of money over their lives may be able to make the most of their monthly payments.
Working While Receiving Social Security Benefits
People who are retired and still get benefits should know that their regular payments can change if they work. There are clear rules from the SSA:
Full Retirement Age: Retirees who are at or above the full retirement age, which for many is 66 years and 8 months, can work without having their benefits cut.
Under Full Retirement Age: If you earn more than $22,320 in 2024, your benefits may go down by $1 for every $2 you earn over the limit.
When you reach full retirement age in 2024, if you make more than $59,520, you will have to pay a charge of $1 for every $3 you make in the months before you reach full retirement age.
The Social Security Administration (SSA) changes how much money people get every year depending on their earnings. If recent earnings are high, future payments may be higher.
Maximizing Benefits by Delaying Retirement
Delaying benefits until age 70 can make monthly payments a lot higher for people who are hoping to retire.
To get the most out of your retirement payments, you should also work for at least 35 years and have your wages paid for by the Social Security Administration (SSA).
Retirees can call or visit the SSA’s website to get personalized help with handling their Social Security benefits and figuring out how continuing to work might affect their monthly payments.
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