$1,920 Direct Payments Coming Very Soon In This Week For Retirees: Know Eligibility

Retirees who qualify for Social Security are receiving direct payments this week, with the Social Security Administration (SSA) continuing its October payment schedule.

While the 2025 COLA (Cost of Living Adjustment) has been announced, retirement benefits won’t reflect these increases until January 2025.

Here’s what retirees need to know about the October payments, maximum amounts, and what to expect for November.

October Payment Schedule

If your birthday falls between the 21st and 31st of any month, your Social Security payment for October will arrive on October 23.

This payment applies to most retirees, except for those who are also receiving Supplemental Security Income (SSI) or started their benefits before May 1997. These groups follow a different payment schedule.

The SSA has already sent payments earlier this month on October 9 and October 16 to those with birthdays falling in the earlier parts of the month.

Maximum Social Security Payments

The amount you receive in Social Security benefits depends largely on when you started claiming them. Those who delayed filing until the age of 70 in 2024 will receive the highest benefits.

Here’s a breakdown of the maximum Social Security payments in October:

Filing Age	Maximum Monthly Payment
Filed at age 70 in 2024	$4,873
Filed at Full Retirement Age (FRA) in 2024	$3,822
Filed at age 62 in 2024	$2,710

For many retirees, the actual payment is lower than the maximum amount. As of August 2024, the average Social Security payment is approximately $1,920.

Why Does Filing Age Matter?

The age at which you start claiming Social Security has a significant impact on your monthly benefit. If you wait until age 70, you receive the highest possible amount, as benefits increase the longer you delay.

However, filing earlier, such as at age 62, means you’ll receive a reduced amount. For example, those who filed at 62 in 2024 receive a maximum of $2,710, while those who waited until age 70 can get up to $4,873 per month.

What to Expect in November

After the October 23 payment, Social Security beneficiaries will receive their next set of payments in November.

However, there’s a surprise for some retirees. The SSA is issuing the first November payments 48 hours early, meaning some people will receive their Social Security payment on November 1.

Two Payments on November 1?

Retirees who receive both Social Security and SSI may receive two payments on November 1. SSI is typically sent on the first of the month, and since that day is also a scheduled payday for Social Security, these retirees will get both deposits simultaneously.

For others, Social Security payments will be made according to the following schedule in November:

• November 1: For those also receiving SSI
• November 13: For those with birthdays between the 1st and 10th
• November 20: For those with birthdays between the 11th and 20th
• November 27: For those with birthdays between the 21st and 31st

December Payments Coming Early

It’s also worth noting that the SSA has rescheduled the SSI payment for December to be issued on November 29, since December 1 falls on a Sunday. This means SSI recipients will receive their December payment earlier than usual.

Key Takeaways

• Retirees born between the 21st and 31st of any month will receive their Social Security payment for October on October 23.
• Maximum Social Security payments vary based on when you filed, with those filing at age 70 in 2024 receiving up to $4,873.
• Average Social Security payments as of August 2024 are around $1,920.
• Some retirees will receive two payments on November 1 if they qualify for both Social Security and SSI.
• The SSA has five paydays set for November, with SSI payments for December rescheduled to November 29.

Staying informed about these payment schedules and amounts is crucial to planning your finances. Be sure to check your payment date and know what to expect as the SSA continues to process retirement benefits.

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