The bank accounts of qualified retirees are about to receive direct payments of up to $4,873. Remember that the 2025 COLA rise will not be included in Social Security benefits in October.
Retirees will not benefit from this COLA rise until January 2025. Actually, the Increase’s first payments won’t be made until January 3, 2025. So let’s examine the October Social Security payment in the absence of the 2025 increase.
Social Security within a day or two
Retirement recipients who met the requirements for benefits but were not paid on the third have three paychecks coming up. They are limited to accepting one of these payments, though. Let’s verify who qualifies for the direct payment on October 9:
- Submitted an application for Social Security retirement benefits.
- Are not getting payments from SSI
- Did not get retirement benefits until May 1997
- For retirees, regardless of the month or year of birth, whose birthday falls between 1 and 10
If you are not qualified for the October 9 payment, don’t worry. According to the Social Security Administration‘s payment schedule, one direct payment will be made one week following the October 9 retiree payment. then one more in two weeks.
Read Also: Find Out If You’re Eligible for the $3,284 Stimulus Payment Starting This October!
On October 9, who will earn $4,873 from Social Security?
To be eligible for $4,873 from Social Security, you had to have worked 35 years in positions that are covered by the agency. That is, while working, you made sufficient payroll tax payments to the Agency.
This won’t be sufficient, though. In addition to earning the contribution and benefit base for 35 years, filing at the age of 70 is mandatory. For your reference, the taxable maximum (168,600 in 2024) is the contribution and benefit basis.
In actuality, Social Security retirement payouts often only total $1,920.
Small checks, however, might go to certain low-income taxpayers who filed at age 62 and worked fewer than 35 years. Payments are made-to-measure depending on your work and filing experience.
