The Social Security Administration will soon send the first payment to retirees in October. As some recipients have already received their Supplemental Security Income payment, they may also be eligible for the October 3 payment if they are also receiving retirement or SSDI benefits.
Not only will retirees who started getting monthly payouts before May 1997 get the payment on October 3, but everybody else will too. Make sure you remember that if you got benefits after that date, you can get one of the next benefits on Wednesdays, unless you are also getting SSI, as was already said.
Who can receive $3,822 from Social Security on October 3?
This big payment will only go to people who got benefits before May 1997 and who meet 4 important standards set by Social Security:
- Have filed at Full Retirement Age (66 years and 8 months old)
- Have earned the contribution and benefits base for 35 years
- That implies you have worked for 35 years
- You must have had jobs that paid payroll taxes to SSA
If you don’t follow these steps, you won’t be able to get all of this money on October 3. On the other hand, you might get paid less. In this case, a typical sum for seniors is $1,920.
If you are not eligible for Social Security on October 3
In this case, the Administration might give you money next week. Yes, the most that people who filed at Full Retirement Age can get is also $3,822. They may get up to $4,873, though, if they filed once they turned 70.
You can also file early at age 62, but you may only get up to $2,710. Seniors will get money on October 9 if their birthday is between October 1 and October 10. This is after the October 3 payment.
That means the next two payments could happen on the third or the ninth. You will not be able to get Social Security if you have not applied for it and have not yet been approved. It’s only possible to get one check or direct transfer a month from your retirement plan.
Also See:- Homeowners and Renters get $1,750 stimulus check