The Social Security Administration (SSA) says that this week will be the last time that millions of people get a Social Security check. After the payment yesterday, the last set of payments will be made on October 23rd.
People who retired between January 21 and December 31 will get up to $4,873 a month. People who are retired should know that not everyone can get the full benefit of $4,873. They have to meet certain requirements set by the Social Security Administration first.
If you want to get the most out of your Social Security benefits, four main things are looked at: how much money you have made over time, your work experience, your full retirement age (FRA), and the age you claimed your first benefit.
Retired workers will receive the last $4,873 Social Security check in October
The SSA will figure out your benefit based on the average of your pay over 35 years of work once they get the information they need from the requirements listed above.
But to improve your chances of getting this amount, you should have started putting money into Social Security when your wages were the biggest and subject to taxes. It is important to remember that the cap changes every year because prices go up.
It will still get to $168,600 by 2024, though. In 1989, 35 years ago, the highest amount of money that could be earned in a year was $48,000.
Then, the Social Security Administration will figure out all the requirements and change the outcome to reflect growth in the cost of living adjustment (COLA).
The most recent revised COLA estimate from the Senior Citizens League (TSCL) says that there will be a 2.4% rise next year.
Over 65s are worried that their monthly Social Security payments will not be enough to keep up with inflation because of this. If this prediction comes true, the raise will be the smallest since 2017 and will bring in an average of $37 a month.
How does the full retirement age (FRA) impact your Social Security check amount?
The full retirement age (FRA) changes how much money you get from Social Security. For example, if a citizen leaves in 2024 at the full retirement age of 67, they will have to pay $3,822 each month.
Now, their monthly income will drop to $2,710 if they retire at age 62, four years before they hit the FRA. Finally, people who waited until they were 70 years old to retire would be able to get the biggest payment, which in 2024 is set at $4,873.

So, the earliest you can start getting benefits is at age 62. However, depending on your work experience and contributions, if you wait until age 70, you may be able to get the biggest benefit payment.
Making the most money for Social Security is hard, but if you have the right plan and work background, you can improve your chances of getting this $4,873 monthly benefit.
Social Security payment schedule for retired workers in October
People who are retired should know when their Social Security payments are coming in because they are important for budgeting and living costs.
Because of this, the Social Security Administration made a monthly payment schedule so people who get benefits can plan their days around when they will get their money. Here are all of the guaranteed payment dates for this month that come from the SSA:
Social Security Retirement Program | Day of the month | Confirmed payment date |
Retired workers who claimed their first benefit before May 1997 | October 3rd (Wednesday) | Payment is sent on the third of each month. |
Retired workers who claimed their first benefit after May 1997 | 2nd Wednesday (October 9th)
3rd Wednesday (October 16th) 4th Wednesday (October 23rd) |
Beneficiary’s birth date: 1st–10th.
Beneficiary’s birth date: 11th–20th. Beneficiary’s birth date: 21st–31st. |
Also see:-List of Americans Eligible for Extra Social Security Check in November – It’s Official
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