First direct payments went out Oct. 9 and 16. The COLA increase being announced for 2025 may have been revealed but the agency will not raise retirement benefits until January 2025.
Those whose birthday is from the 21st to the 31st will receive their Social Security for the first ten days of October, on the 23rd. If you’re also getting SSI benefits, you won’t be getting this payday. If you started to get benefits before May 1997, this won’t be it.
Social Security maximum amounts on October 23
And regardless of whether it’s a Wednesday payday, retirees who file at 70 in 2024 can get up to $4,873 in October. And that would be the biggest retirement check on October 23.
Then there are those seniors in retirement that have decided to file at Full Retirement Age (FRA) and receive up to $3,822. You can see, the earlier you file, the more your Social Security payment will be.
Once you file at 62 in 2024, your monthly payment can be $2,710. Just remember, not a lot of people get that type of money. It’s also difficult for many to get average payments of $1,920, as of August 2024.
Also Read: IRS’s Bad News on $8,700 Stimulus Checks Coming This October
Social Security payment is November
After Oct. 23, 2024, the agency will continue to send checks and direct deposits. They’ll pay out the first retirement payment 48 hours sooner than scheduled.
However, it will be a surprise to those who aren’t aware of the Social Security news. That means some retirees will get their Social Security on November 1, and if they also get SSI, they will get two payments on the same day.
Also Read: Major Social Security Changes Coming in 2025: What You Need to Know
Keep in mind that generally, SSI is mailed on November 1. Retiree payments will come on November 13, 20, or 27 and other payments will be made. There will be 5 paydays in November, even if Social Security and SSI recipients will share a payday.
The reason is simple. On November 29, SSA has scheduled the SSI payment for December. Because December 1 is a Sunday, SSI payment was postponed.
FAQs
Q. What is the $1920 direct payment for Social Security retirees?
A. The $1920 direct payment is a one-time bonus to eligible Social Security retirees. This is in no way part of regular Social Security benefits.
Q. Who is eligible to receive the $1920 payment?
A. Usually, the payment goes to people who get social security retirement benefits right now. That might mean there are particular eligibility requirements; for example, you should speak to the Social Security Administration (SSA).
Q. When will the payments be issued?
A. The announcement said the payments will be issued shortly after the announcement and within the week. The actual dates may vary by person and will depend on processing times.
Q. How will the payments be distributed?
A. Direct deposit payments will be distributed to eligible recipients’ or they may be sent out as a check by mail.
Q. Do I need to take any action to receive the payment?
A. If you already get Social Security benefits, you generally get the payment automatically without having to do anything more. Nevertheless, it’s wise to go through your payment details on your SSA account.
Q. Will this payment affect my Social Security benefits?
A. First, the $1920 direct payment from the federal government isn’t based on how much work you did; it’s a separate benefit that should not diminish your regular Social Security payments.
Q. What should I do if I don’t receive my payment?
A. If you do not get your payment within the normal time frame, contact the Social Security Administration for help. They help understand the status of your payment.