Here is when the next payment for American seniors will be made, if you weren’t qualified for the October 3 and October 9 payments. The good news is that retirees will soon get their money.
The payment plan from the Social Security Administration shows that the next payment will be made on October 16, 2024. The raise won’t be sent until January 2025, but people who will get it will already know the new COLA amount.
Who qualifies for Social Security on October 16?
To get a payment every month on the 16th, you need to meet the birth date requirement. It will not be the only thing, though, that the Agency wants seniors to do.
- Not eligible for Supplemental Security Income benefits (SSI)
- Not on Social Security before May 1997
- Filed and got approval
- Did not break SSA’s rules
- Born from 11-20 of any month or year
Remember that the payment on October 16 will only be given to retirees who are 62 years or past. People who get SSDI may also get money from SSA on this date, but it may be less than what others get.
October 16 payment amounts for Social Security
If you applied for Social Security at age 62, the most you could get in retirement income is $2,710. The faster you file for retirement, the more money you save. Because of this, you might get a 30% discount.
You can only get up to $3,822 if you file when you reach full retirement age. This is because you can only get all of your rewards and won’t be able to use any credits that were delayed.
Up to $4,873 can be given to people who have worked for 35 years in SSA-covered jobs and made the maximum amount of tax. Still, not many Americans are able to do it. In fact, as of August 2024, the average salary for seniors will be around $1,920.
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