A large portion of 67-year-old Social Security beneficiaries in the United States is in luck. Just this week, a group of retirees will receive their retirement money in their bank account. This check is not only for Social Security age beneficiaries but also for those who have retired on disability. Moreover, the fundamental requirement to collect the next 19th day retirement benefit is not the age, but another main condition.
To meet this condition and receive your check with the subsidy this October, you must first have an accepted benefit. If you have an accepted retirement benefit, you simply have to have your birthday between the 11th and 20th of the month. If you meet this condition, you will be able to have your subsidy money in your bank account on Wednesday, October 19th. Moreover, if you have activated Direct Deposit you will be able to have it exactly on the same day. Otherwise, it could take up to 3 days to appear.
Thanks to knowing the days on which Social Security sends the checks, many retirees can organize their family finances. That is one of the great advantages of having a fixed schedule for Social Security payments. Otherwise, everything could be chaotic, so it is better to have everything under control. On top of all this, if you were born before those days, you should already have your SSA check. On the other hand, if you were born after, you will have to wait another week.
When does Social Security send the money?
The Social Security Administration always sends the money on the same days of the month. Therefore, the payment days are the second, third and fourth Wednesdays. In October, these days are the 12th, 19th and 26th. Each day a different group of retirees receives the subsidy. It is easy to know when you will receive the money if you take these days into account.
What is the maximum SSA payment?
The maximum SSA payment for this year 2022 is $4,194 per month. Even so, this figure is not realistic, as the COLA causes this figure to increase in just a few months. Therefore, all workers who plan to retire could get a better benefit by the next year 2023. This is because the COLA has increased Social Security benefits for next year by 8.7%.
As benefits increase, the maximum also increases. Thus, the $4,194 maximum will be history starting next year and we will see a new, slightly higher maximum. This is good news for those who have not yet retired and want to get the highest benefit possible.