Check Your Bank Account on This Date; Social Security Installments of $1,920 Will Be Issued

Those retirees aged 62 and over who are on Social Security and did not qualify for the October 3 payment can receive a new direct transfer on one of the three upcoming paydays.

Keep in mind that approval is required before collecting Social Security. You cannot violate SSA rules to continue getting benefits. However, for the remaining direct payments in October, the Agency will verify your birth date.

Upcoming Social Security payouts for retirees aged 62 to 70 or older

Your direct deposit in October will arrive sooner if you were born earlier in the month. For example, if your birthday is on the 7th, you will receive your next payment on October 9th.

So, if your birthday falls between the 1st and the 10th, your payday will be October 9th, which is before the 11th. Those born after the 10th but before the 21st will receive Social Security benefits on October 16.

The final payment date will be October 23, 2024. If you were born between the 21st and the 31st, this is when the Social Security Administration will distribute your payout.

October’s maximum and average Social Security payouts for retirees

The average payout for October will be approximately $1,920. This is the late figure that the Administration announced in September. So it will be about that figure. The average payment does not alter significantly from month to month.

Social Security retirement payments can be up to:

• $2,710 if you filed at age 62.
• $3,822 if you apply for Social Security at the Full Retirement Age (66 years and 8 months old).
• $4,873 if you filed for retirement benefits at age 70.

As you can see, the maximum benefits for October 2024 are significantly larger than the average payments. However, if you are still working, there are options for increasing your future monthly payments.

What you should do is postpone retirement benefits as far as possible and file when you reach 70. A high wage can also increase your perks. Working for 35 years is required, and having employment covered by SSA is mandatory.