Social Security recipients to receive October payment

The Social Security Administration (SSA) is set to send out payments of up to $4,873 this week to recipients whose birthdays fall between the 11th and 20th of any given month. This payment is the second to last scheduled for October, with the final payment set for October 23. Those with birthdays earlier in the month should have already received their payment on October 9. Beneficiaries who have been claiming since before May 1997 and those who claim Supplemental Security Income (SSI) were paid earlier this month. If beneficiaries do not receive their payment on the expected date, the SSA advises waiting three working days before contacting the agency, as weekends and public holidays are not considered working days. The amount of retirement benefits a person receives depends on factors such as the age at which they start claiming and their earnings during their highest-paid working years.

October Social Security payments scheduled

The maximum benefit of $4,873 is available to individuals who retire at age 70 in 2024. If someone chooses to claim retirement benefits at the earliest possible age of 62, the maximum benefit would be $2,710. Benefit amounts can be affected by the annual Cost of Living Adjustment (COLA). In 2025, the COLA is projected to be 2.5 percent. A recipient currently receiving $1,870 per month could see their payment rise by about $46.80 next year. This 2.5 percent increase, while lower than the previous year’s record-high COLA of 8.7 percent that followed a period of high inflation during the pandemic, is considered about average.