Social Security Direct Payments Of $4,873 Within 2 Days: Know Eligibility & More Details

In just under two days, eligible retirees will receive direct payments of up to $4,873 in their bank accounts from Social Security.

However, it’s essential to note that the upcoming October 2024 payments will not include the 2025 Cost of Living Adjustment (COLA) increase, which won’t take effect until January 2025.

This article will cover the eligibility criteria for the next Social Security payments, who might receive the $4,873 maximum payment, and important upcoming dates to keep in mind.

Social Security Payment in October 2024

The October 2024 payments from Social Security are on the way, but they will not yet reflect the upcoming COLA boost, which takes effect in January 2025. The first payment to include the 2025 COLA increase will be disbursed on January 3, 2025.

For October, several payment dates are set, and retirees who meet the criteria can expect their payment soon.

Upcoming Payment Dates in October

Retirees who qualify for Social Security but did not receive their payment on October 3 have three more upcoming payment dates in October. However, they can only receive one of these payments depending on their eligibility.

The next payment date is October 9, 2024, followed by additional dates one week later and two weeks later. Here’s a look at the eligibility for the October 9 payment:

Eligibility for October 9 Direct Payment

To be eligible for the October 9 payment, you must meet the following criteria:

• You must have filed for Social Security retirement benefits.
• You cannot be receiving SSI benefits.
• You did not start receiving retirement benefits before May 1997.
• Your birthday must fall between the 1st and 10th of any month, regardless of the year.

If you are not eligible for the October 9 payment, you will still have the opportunity to receive payment on one of the subsequent payment dates.

Who Will Receive $4,873 from Social Security?

To receive the maximum payment of $4,873 from Social Security on October 9, you must meet very specific conditions. Here’s what’s required:

• You must have worked for 35 years in jobs covered by Social Security and paid enough payroll taxes.
• You need to have filed for Social Security benefits at the age of 70, which provides the maximum retirement benefit.
• You must have earned the contribution and benefit base for 35 years, which refers to the taxable maximum earnings for each year. For 2024, this amount is $168,600.

Keep in mind, only a select group of retirees meet the criteria to receive this maximum amount.

For most people, the average Social Security retirement benefit is much lower, at around $1,920 per month. Lower earners, especially those who filed for benefits early at 62 and worked fewer than 35 years, will receive smaller payments.

What If You Miss the October 9 Payment?

If you do not qualify for the October 9 payment, there are still additional payment dates scheduled for October 2024. The Social Security Administration will issue another round of payments one week later and then two weeks after that.

You will receive your payment based on your birth date and whether you meet the other eligibility requirements outlined by the SSA.

Key Takeaways

• The October 9, 2024, Social Security payment will not include the 2025 COLA increase. That increase will take effect in January 2025.
• To receive up to $4,873 from Social Security, you must meet very specific eligibility criteria, including having worked for 35 years, filing for benefits at 70, and earning the taxable maximum for 35 years.
• Retirees with birthdays between the 1st and 10th of any month will receive their payment on October 9.
• If you do not qualify for the October 9 payment, there are additional payment dates one week and two weeks later in October.

If you are unsure of your payment date or eligibility, it is always a good idea to check your Social Security account or contact the Social Security Administration (SSA) directly for assistance.

FAQs