Direct payments were made by the Social Security Administration (SSA) on October 9 and October 16. The Agency will not increase retirement benefits until January 2025, even if the 2025 COLA rise has been announced.
On the other hand, people who were born between the 21st and the 31st will receive their October Social Security benefits on the 23rd. This won’t be your payday if you also receive SSI assistance. If you started getting benefits prior to May 1997, it won’t be either.
October 23 Social Security maximum amounts
Regardless of the Wednesday payday, retirees who filed at age 70 in 2024 are eligible to earn up to $4,873 in October. Thus, on October 23, that will be the biggest retirement cheque.
Up to $3,822 is available to seniors in retirement who choose to file at Full Retirement Age (FRA). As you can see, your Social Security payment will be smaller the earlier you file.
Your monthly payment might reach $2,710 if you filed at age 62 in 2024. Remember, only few employees receive such high salaries. Receiving the average payment of $1,920 as of August 2024 is also challenging for many.
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November marks the Social Security payout
Following October 23, 2024, the Agency will continue to send checks and make direct deposits in November. 48 hours before the scheduled date, the first retirement payment will be made.
Those who are unaware of Social Security news will therefore be taken aback. Social Security will therefore be paid to certain retirees on November 1st, and if they get SSI, they will receive two payments on the same day.
It should be noted that SSI is typically sent on November 1. On November 13, 20, or 27, retirees will receive additional payouts. Five paychecks are scheduled for November, even if Social Security and SSI recipients share one.
It’s easy to understand why. The December SSI payment is set for November 29 by SSA. This SSI payment has to be postponed because December 1st fell on a Sunday.
