By Raúl Rodríguez Cota
07 Oct 2024, 12:47 PM EDT
Retirees age 62 or older who receive Social Security benefits and did not qualify for the October 3 payment could have a new direct deposit on one of the three next scheduled payment dates.
It is important to have the necessary approval to receive these payments and follow the rules of the Social Security Administration (SSA) so as not to lose benefits.
The dates payments are made in October depend on when you were born. For example:
–If your birthday is from the 1st to the 10th of any month of the year, you will receive your payment on October 9.
–If you were born between the 11th and the 20th of any month of the year, your payment will be on October 16.
–Finally, if you were born from the 21st to the 31st of any month of the year, you will receive your payment on October 23rd.
As for amounts, the average payment for October is expected to be approximately $1,920. This is the data that the Administration announced in September.
Additionally, maximum retirement benefits are broken down as follows:
–$2,710 if you applied at age 62.
–$3,822 if you applied when you reached full retirement age (66 years and 8 months).
–$4,873 if you did it at age 70.
It is important to mention that although the maximum benefits are much higher than the average payments, if you decide to delay your retirement, you could receive higher monthly payments in the future.
Working for 35 years in SSA-covered jobs can also improve the amount of benefits you receive.
If you decide to continue working while receiving retirement benefits, it’s important to understand that your payments could be affected depending on how much you earn and how old you are.
For people who have already reached full retirement age, they can work and earn money without their benefits being reduced.
However, if you are under that age and exceed the annual income limit (which is $22,320 in 2024), your benefits could be reduced.
Keep reading:
– COLA increase in Social Security checks for 2025 will be announced in less than a week
– $1,112 stimulus check for seniors in October
– Social Security: changes could increase payments by $131