The U.S. government is continuing with the Social Security Administration’s planning. New retirement checks are set to arrive next week, albeit with a catch: it’s not for everyone.
The next Social Security payment, scheduled for October 18, 2023, is intended exclusively for a subset of retirees, and depends primarily on two determining factors: the year of retirement and the retiree’s birthday.
When looking at the payment schedule, the importance of the year of retirement must be taken into account. For those who left their professional career after 1997 and were born between the 11th and 20th of each month, the payment will be made next Wednesday, October 18. On the other hand, retirees who ended their careers before 1997 will have been paid earlier, on October 3.
The mechanics of the payment reveals a schedule for post-1997 retirees, with payments on three different days each month: the 2nd, 3rd and 4th Wednesdays. This systematic approach, while seemingly complex, ensures a streamlined and orderly distribution to different groups of citizens, including Supplemental Security Income recipients.
As the government prepares for this financial outlay, it is critical that citizens familiarize themselves with the details of the payment schedule, ensuring that plans for the utilization of the amount are drawn up with accuracy and knowledge of the actual payment date.
WHEN WILL THE NEXT SOCIAL SECURITY PAYMENT BE DUE IN OCTOBER 2023?
The Social Security Administration makes payments to retirees on the second, third and fourth Wednesday of each month, according to the beneficiary’s day of birth. That is:
- October 3: beneficiaries who started getting their payments before May 1997.
- First group: October 11 for retired workers who were born between October 1 and 10.
- Second group: October 18 and will be for beneficiaries who were born between the 11th and 20th.
- Third group: October 25 for people born between the 21st and 31st.
It is worth mentioning that beneficiaries of the federal Supplemental Security Income (SSI) program got their advance payment on September 29, due to the fact that October 1 falls on Sunday.