People who are qualified will soon get direct deposits of up to $4,873 in their bank accounts. Don’t forget that the 2025 COLA raise will not be part of your October Social Security payments.
People who are retired won’t be able to use this COLA increase until January 2025. In fact, the rise won’t show up in the first payments until January 3, 2025. So, let’s look at what the October Social Security payment will be like without the 2025 increase.
Social Security in less than 2 days
People who retired and were supposed to get benefits but didn’t get paid on the third have three more payments coming up. But they can only get one of these amounts. Let’s see who can get the straight payment on October 9:
- Filed for Social Security retirement benefits
- Are not receiving SSI benefits
- Did not get retirement benefits before May 1997
- For retirees whose birthday is from 1-10, regardless of the month or year they were born
Do not worry if you can not get the payment on October 9. On October 9, the Social Security Administration will make a payment to retirees. One week later, on October 16, there will be a straight payment. And another one in two weeks.
Who will receive $4,873 from Social Security on October 9?
To get $4,873 from Social Security, you need to have worked for 35 years in jobs that are covered by the program. In other words, you waged enough to cover your taxes with the Agency.
But this won’t be enough. You have to file when you turn 70, and you have to have earned the contribution and benefit amount for 35 years. Just so you know, the contribution and benefit base is the highest amount of money that can be taxed (168,600 in 2024).
In fact, the average amount of money that people get from Social Security when they leave is only $1,920. Still, some low-income people who filed at age 62 and worked less than 35 years may get small checks. The amount you get paid depends on how much work and filing experience you have.
Also See:- Good News for These Retirees: They will Earn More Than Anyone Else After Thursday’s Check Increase
