October Benefits Alert – 2 Direct Payments for Social Security Retirees and Disability Recipients

Retirees and Social Security Disability Insurance (SSDI) recipients have an important date approaching as new payments will be sent out this week. Knowing when these payments are coming is crucial for budgeting, especially for those relying on Social Security. This article will help you determine if you’re eligible for the upcoming Social Security payments and how much you could receive based on your status.

Dates

The Social Security Administration (SSA) will send payments to eligible retirees and SSDI recipients based on their birthdates and eligibility requirements. If your birthday falls between the 11th and 20th of any month and you meet other criteria, expect your next Social Security check on October 16, 2024. However, not everyone will qualify for this payment. You must:

• Not be receiving Supplemental Security Income (SSI) benefits.
• Have started receiving Social Security benefits after April 30, 1997.

Payments

There is another payment scheduled for October 23, 2024, specifically for retirees and SSDI recipients. To qualify for this date, your birthday needs to fall between the 21st and 31st of any month. The same eligibility rules apply—you must not be receiving SSI, must have started benefits after May 1997, and need to comply with SSA’s rules.

After these two payments, there will be no further checks in October. If you received your first payment of the month on October 3, your next payment will arrive on November 1, 2024.

Payment Amounts

The amount you receive from Social Security depends on several factors, including your work history, how long you worked, and when you filed for benefits. The average retiree currently receives about $1,920 as of August 2024, while the average SSDI recipient gets approximately $1,539.

However, it’s possible to receive more depending on your earnings and contribution history. Some retirees who worked high-paying jobs for 35 years or more could qualify for significantly larger checks. For instance:

Recipient Type	Average Payment	Maximum Payment
Retirees	$1,920	$4,873
SSDI Recipients	$1,539	$3,822

The maximum payment for a retired worker could be as high as $4,873, while SSDI recipients can receive up to $3,822 if they qualify.

How to Maximize

If you’re still working and aiming to maximize your Social Security benefits when you retire, there are steps you can take. Maximizing your future Social Security payments depends on several key factors:

• Earn the taxable maximum: In 2024, the taxable maximum is $168,600. By earning this or more consistently throughout your career, you could boost your future Social Security benefits.
• Work for 35 years: Social Security calculates your average indexed monthly earnings (AIME) based on your 35 highest-earning years. If you work less than 35 years, zeros are factored into the calculation, reducing your overall benefits.
• File at 70: Waiting until age 70 to file for Social Security means you’ll receive delayed retirement credits, which can significantly increase your monthly benefits.
• Work in SSA-covered jobs: Your employment must be covered by the Social Security Administration, meaning you need to pay payroll taxes into the system.

By following these steps, you can ensure you’re setting yourself up for the largest possible Social Security check when the time comes to retire.

Whether you’re a retiree or SSDI recipient, staying informed about when and how much you will receive from Social Security is crucial. Payments are determined by your work history, filing age, and other factors. If you’re still working, it’s never too early to plan for a larger check in the future. Make sure to stay on top of important payment dates and eligibility requirements to avoid missing out on what you’re entitled to.

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