Retirees can soon expect to receive their first Social Security payment in October, and some might be eligible for a check as high as $3,822. The Social Security Administration (SSA) has already issued Supplemental Security Income (SSI) benefits, but the next round of payments will focus on retirement and SSDI beneficiaries.
The October 3 payment will be sent to a specific group of retirees. These are individuals who started receiving benefits before May 1997. If you began receiving Social Security after that date, your payment will come on one of the following Wednesdays unless you are also receiving SSI benefits.
Who Can Get
The maximum Social Security payment of $3,822 on October 3 is reserved for a select group of beneficiaries. To qualify for this large payment, you must meet these four critical requirements set by the SSA:
- You filed for benefits at Full Retirement Age (66 years and 8 months).
- You worked for at least 35 years.
- You earned the maximum contribution base during those 35 years.
- Your employment was subject to Social Security payroll taxes.
If you don’t meet all of these criteria, you won’t qualify for the maximum payment of $3,822 on October 3. Instead, you may receive a lower amount. For context, the average monthly payment for retirees is about $1,920.
Eligible
If you’re not eligible for the October 3 payment, there’s another opportunity next week. Retirees could receive their payment on October 9 if their birthday falls between the 1st and 10th of any month. The maximum payment for individuals who filed at Full Retirement Age remains $3,822, but those who delayed filing until age 70 can receive as much as $4,873.
On the other hand, if you filed for Social Security at age 62 (the earliest possible age), the maximum amount you can receive is lower, up to $2,710. Payments will continue on different dates throughout the month based on your birthday and approval status.
Payment Dates
Retirees can expect payments on either October 3 or October 9, depending on their eligibility and approval. However, only one check or direct deposit is allowed per month. If you haven’t yet applied for Social Security or are awaiting approval, you won’t qualify for these payments.
Keep in mind that the timing of your Social Security payments depends on various factors, such as your birthday and when you filed for benefits. Be sure to confirm your eligibility to avoid surprises.
FAQs
When is the first Social Security payment in October?
The first payment is scheduled for October 3.
Who qualifies for the maximum Social Security payment of $3,822?
Retirees who filed at Full Retirement Age, worked for 35 years, and paid Social Security taxes.
What is the average monthly Social Security payment for retirees?
The average payment is about $1,920 per month.
When will the next payment after October 3 be made?
The next payment will be on October 9 for those whose birthdays fall between the 1st and 10th of any month.
Can I get more than one Social Security check per month?
No, only one check or direct deposit is issued per month for retirement benefits.
