Millions of retired people will get new Social Security checks next week. The amounts will depend on each beneficiary’s situation and could range from $1,900 to $4,873. Also, it’s important to know that the upcoming payouts will only be given to retired workers who picked up their Social Security checks before May 1997.
Everyone who gets SSI will get their monthly check on October 3rd, no matter what day they were born. Remember that people who want to get the biggest benefit of $4,873 should have put off getting benefits until they were 70 years old and paid into Social Security based on their highest taxed income for the past 35 years.
In addition to the maximum direct payment of $4,873, there are different levels of payments that can be made. For example, people who retire at the full retirement age of 67 can get $3,822 per month. People who retire before they reach full retirement age, or at age 62, can get up to $2,710 in retirement benefits.
Remember that every year, the Social Security Administration (SSA) changes the amount of Social Security checks to represent the cost of living adjustment (COLA). This is done to make sure that, even though prices are going up, seniors’ buying power stays the same.
Retirees will receive new Social Security checks worth up to $4,873 next week
Millions of people over 65 depend on their Social Security income to pay for their daily needs, housing, health care, entertainment, travel, and hobbies. A lot of seniors would be poor if they didn’t get their regular direct payments.
More than half of seniors would need help if Social Security stopped giving them the monthly payments that help them get by, even though only 12% of seniors do need help right now. A study by the Economic Policy Institute found that 30% of older citizens get more than 90% of their income from Social Security.
There are more than 64 million retired workers in the United States who get money from Social Security. To help them keep track of when each beneficiary will get their money, the agency created an annual payment plan. Based on the Social Security payment schedule for this month, here are all the guaranteed dates for the next payments:
- October 1st (SSI program): Beneficiaries from this program will get their regular benefits on this day
- October 3rd (RSDI program): Beneficiaries from the retirement, survivor, and disability insurance (RSDI) program will get their regular benefits on this day, regardless of their age
- RSDI beneficiaries who claimed benefits after May 1997 will receive payments as follows:
- On October 9, if they were born between the 1st and the 10th
- On October 16, if they were born between the 11th and the 20th
- On October 23, if they were born between the 21st and 31st
Remember that you should wait at least three mailing days before calling Social Security Customer Service if your payment doesn’t come on the due date. You can get records and ask for other Social Security services when you go to My Social Security Account to find out more about your checks.
What can beneficiaries do if their Social Security checks are insufficient to cover expenses?
It can be hard to deal with not having enough money to pay your daily bills. If your Social Security checks aren’t enough or you’re having a financial emergency, you should think about other ways to get money to avoid the risks of credit card debt, predatory lenders, and other risky ways to get out of debt. If you have trouble in these situations, don’t forget to:
- Stay calm and try not to lose hope. Think about how you can get emergency funding through the right channels while maintaining your composure.
- Prioritize your spending. Review your budget and decide which expenses are most important. Spend as little as possible on non-essential items.
- It is always a good idea to ask for help. Talk to trusted friends and family for advice on how to get financial help that is appropriate for your situation. They may be able to give you some suggestions on how to get immediate financial help.