More often than not, the Social Security Administration (SSA) sends 5 payments per month. The first check is for those beneficiaries of the Supplemental Security Income (SSI).
The second check is usually for those who filed for Social Security ages ago. For example, all those who applied for benefits before the month of May in the year 1997.
After that, there is usually a round of three Wednesday payments. Unless the second third or fourth Wednesday of the month is not a business day, Social Security will issue the payment for that weekday.
WHO IS RECEIVING THE OCTOBER 18 RETIREMENT PAYMENT FROM SOCIAL SECURITY?
October 18 is payday for millions of Americans who are eligible. Apart from having filed after April 30, 1997, they must meet the birth date requirement the Administration has set.
In order to cash this check from the Administration your birthday must be from days 11th to the 20th of the month. Otherwise, you must have either received your payment or you will get it soon.
Once you have met the two key requirements, you just need to check your bank account if you have requested direct deposit. If you still get a paper check, wait for the mail to reach your mailbox.
It is essential to be patient when it comes to Social Security payments. Although most of them are punctual, there could be delays. SSA recommends waiting for three mailing days before contacting about a missing payment.
Sometimes there might be a problem when the bank processes a payment, so it is normal that it does not arrive on the exact payday. So, if you have cashed your check on October 18th, plan your budget. You will not get your next check until November 15, 2023.
HOW MUCH MONEY COULD I GET FROM TODAY’S SOCIAL SECURITY PAYMENT?
As of September 2023, the average Social Security check for retired workers is about $1,841. Spouses of retired workers may receive smaller amounts though. SSA said that their average check was $888.03.
Bear in mind that the amount of retirement benefits depends on several factors. That is why there might be as many different amounts as beneficiaries. In order to cash a large check, you must be a very conscientious person and meet 3 key requirements.
my Social Security is a personal account and your gateway to doing business with us online. Creating an account is quick, secure, and easy. Before you do, here are a few things we want you to know: https://t.co/7TNHwb94Wc
— Social Security (@SocialSecurity) October 9, 2023
For your information, the largest payment on October 18th will be up to $4,555. To cash so much money, the eligible senior must have retired at the age of 70. So, if you long for early retirement, forget about getting $4,555.
Secondly, you must have worked for a minimum of 35 years, which may not be enough for most workers. This is because to qualify for a large payment from Social Security you must be a high earner for at least thirty-five years.
If you do not qualify for the October 18th payment because you are still working, it is advisable that you plan your retirement and age to file. Make use of the Social Security benefit quick calculator.
What is more, make sure you pay close attention to the information provided in your annual statement. Get my Social Security account to be updated and make the most of your benefits. Or else, you will not get a great check of up to $4,555 like the one on October 18th, 2023.