Each new week in the United States means that the Social Security Administration will send new checks to retirees regardless of benefit type. Knowing this payment schedule is important to determine at what time of the month we will get the new payment.
Also, each of these payments depends directly on the type of benefit the retiree has and the check he/she has earned. Each citizen’s record always determines what the Social Security retirement amount is.
And likewise the COLA adds to those payments extra money at the beginning of each year, but there are still a couple of months left in 2023 to add the COLA to Social Security. Still, it is true that we may already know what the COLA amount will be for next year.
Regardless of the 2024 COLA and what type of benefit we have we could get the next October Social Security check. This check will arrive during the days of this week and will be a financial relief for thousands of United States citizens.
If you still do not know if you can get the payment or not, you only have to check the information and requirements. By fulfilling only two requirements we will be able to get this new check in just a few days. Otherwise, we will get the payment as well, but on a different day.
HOW MUCH MONEY CAN I GET FROM THE NEW OCTOBER SOCIAL SECURITY PAYMENT?
The amount depends on the individual citizen. The maximum Social Security check in this year 2023 is $4,555 per month. This is the maximum for all categories, although not all types of retirees can reach that figure.
If we have a disability retiree check payment could reach $3,627. On the other hand, the average benefit payment is $1,888. As mentioned above, your check will depend on your record, as well as the year of retirement, time worked and other factors.
But remember that in order to collect this Social Security payment, several requirements must be met. The amount is not what determines whether or not you will get the payment. Likewise, neither the type of retirement is what determines whether we will have the check in the next few days, sooner or later.
REQUIREMENTS FOR THE NEXT RETIREMENT PAYMENT
The new Social Security retirement payment will be on October 18th. This payment will go to only one group of retirement beneficiaries. The type of retirement does not matter, but two other factors such as the year of retirement and the beneficiary’s birthday do matter.
Therefore, we must meet the following two requirements if we want to get this week’s benefit check:
- Have had the retirement check since after 1997.
- Have a birthday between the 11th and 20th day of any month.
There is no other extra requirement for the Social Security Administration to send us the check on the upcoming October 18th. However, there is an extra requirement if we want to get the payment on the same day of mailing.
The collection method chosen will change on the day we get the money. If we activate Direct Deposit we will not have to wait a moment to get the payment. The payment is made immediately. On the contrary, if we choose to get the check through a classic bank deposit we will get the money about three days later.
The best of all is that we will get the money anyway, regardless of the method of payment chosen. Having the Social Security on time is a great advantage since it helps us to organize our household finances.