Throughout the month, the United States Social Security Administration (SSA) sends a check each month to each retiree who has already accepted the benefit. This means that beneficiaries need to be familiar with the payment schedule to know when they will receive their payments.
One of the payments for eligible retirees goes out today. If we are eligible, the SSA benefit money will appear in a matter of minutes in our bank account, if it is not already available.
The rest of the retirees who do not collect today will get their money on a different day. What’s more, some of those retirees have already been able to collect the money on the 3rd day of the same month of October. So check well the requirements to know if you are in this list or the previous one.
To find out what day of the month you get your Social Security payment you need to know that the SSA sends payments on up to 4 different days. Getting your payment on one of these days will depend on the year of retirement and your date of birth. Do you know which group of retirees you belong to?
REQUIREMENTS FOR TODAY’S NEW SSA PAYMENT
SSA benefits have an average payment of $1,800. This does not mean that all retirees access that check. It means it is an average payment, so most retirees have a higher or lower benefit.
Regardless of the amount we collect, as well as the type of benefit, we could get the check today. In order to collect the SSA payment today we must meet three requirements. These are the three requirements:
- Have a post-1997 benefit.
- Have a birthday between the 1st and 10th of the month.
- Activate Direct Deposit as a payment method.
While the first two requirements are mandatory to be part of the group that collects the SSA payment today, the collection method requirement is mandatory if we want to have the money available today.
If Direct Deposit is not activated, the money will still arrive in October, but a few days later. The collection day for this payment is the second Wednesday of the month, i.e. October 11th.
All other retirees will be paid on the 18th or 25th of the month, depending on their birthdays. Retirees with a post-1997 SSA benefit and birthdays between the 11th and 20th of the month will be paid on October 18th. However, if their birthday is between the 21st and 31st of the month, the payment will arrive on the 25th day of October.
HOW WILL THE NEW 2024 COLA AFFECT THESE PAYMENTS?
The Social Security Administration has announced the new COLA for 2024. This new COLA will fall short of the record 8.7% figure that occurred in this year 2023. Still, it is good news to be able to get some extra money over the next year.
It should be noted that it’s not just Social Security payments that will see this increase soon. Also other payments such as Supplemental Security Income and even SNAP checks may see an increase.
The COLA figure for 2024 will be 3.2%, which will bring the maximum Social Security check of $4,555 per month to around $4,700, a very eye-catching figure that will help American families tremendously.