The money from Social Security is being given away, and you could be on the list to get it next Wednesday, October 16. Find out how by reading on.
This might be hard to understand from the point of view of a single recipient. The Social Security Administration, or SSA, however, helps a lot more people than most people think.
Most people still think of it as a reward for old age or retirement. Its goal is to reduce poverty among the most vulnerable Americans, but it covers a lot more than that. The most latest numbers show that it helps over 70 million people.
It is not easy to keep track of so many bills. In addition, it is harder to do the job on time because a lot of people who get Social Security payouts depend on that money as their only source of income.
That is why you need a schedule to cut down on business costs and make sure the process goes smoothly.
SSA has an annual payment plan that can help you figure out when your next payment is due, as long as you know the main things that need to be done to make each payment.
If you don’t, do not worry. Here are the main things you should think about to find out when you will be paid after the October 16th payment:
1. Beneficiaries are split into two groups by the SSA based on when their payments began. It has to be done by May 1997. No matter what program they are in, anyone who started getting payments before that date will still get them on the third of the month.
2. If you started getting benefits after May 1997, you need to look into your individual SSA program. If you get Supplemental Security Income (SSI), you will always get paid on the first of the month.
3. Let us say you fall into the second group and are qualified for OASDI (Old Age, Survivors, and Disability Insurance). Then, your payments will be based on the day you were born on a different Wednesday of each month and at set times.
|
Birth Date Interval |
Wednesday of the Month |
|
1st to 10th day |
Second |
|
11th to 20th day |
Third |
|
21st to 31st day |
Fourth |
Who is going to receive a new payment from Social Security?
You can see how the SSA helps so many Americans every month by looking at the old official payment plan. This is also why not everyone will have a Social Security check next Wednesday.
People born between the 11th and 20th of the month and people who are part of the Old Age, Disability, and Survivors Insurance program can now get Social Security payments.
The amount you get will depend on your eligibility and the scheme. This is the most current information from the Social Security Administration. In August 2024, the average retirement beneficiary got $1,872.09.
This is more than the average survivor benefit of $1,509.36 and, unfortunately, even more than the average disability benefit of $1,402.69.
How can you be part of Social Security?
To be able to take part in any of the Social Security services, you must meet certain requirements.
There are many variables that depend on your immigration status, age, income, assets, and other factors, so this could be a long conversation. This is why you might find a general but not complete description here:
Retirement: To be eligible for this program, you must be at least 62 years old and have paid Social Security taxes for at least ten years.
Disability: To get benefits from this program, you need a medical certificate saying you are disabled or blind. The amount of time and money you have paid into Social Security taxes will determine how much you can get.
Survivor: This benefit is for people who depend on you if you die. It lets them get your Social Security benefits based on the money you have already paid in.
