October Social Security Payments and Increase in 2024

They continue Social Security payments for this month of October.

Every month, the Social Security Administration (SSA) issues around 70 million payments for program beneficiaries, which are mostly retired workers.

The payment date for retired workers depends on your date of birth, except for those who retired before May 1997. Those who They were born from the 1st to the 10th, they receive payment on the first Wednesday. Those with date of birth between the 11th and the 21st they get payments on the second Wednesday of the month and those from the 21st to the 31st, the last one.

The amount to receive depends on the situation of each worker; since the Social Security Administration takes into account the years worked, the salary and taxes paid during those years, as well as the age of the beneficiary at the time of retirement to establish a specific amount. However, the SSA assures that The average payment for a retired worker in 2023 is $1,827 dollars; with the possibility of demand up to $4,555 maximum benefit for those who retired at age 70 or later.

Who will receive $1,800 from Social Security on October 18?

Taking into account the form of distribution of payments, Those beneficiaries who will receive an average payment of $1,800 dollars next Wednesday, October 18, are those who were born between the 11th and the 21st. As for the rest of the beneficiaries, The schedule for the remaining October payments is as follows:

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Increase in payments in 2024

In addition to the usual issuance of payments, October is of utmost importance in Social Security issues. In the middle of the month, lhe SSA announces the increase to the cost of living adjustment (COLA).

This increase is made to bring the amount of payments into line with the current inflation rate. According to official information from the SSA, the increase to the COLA for 2024 will be 3.2 percent, which means that Insurance payments will increase by the same percentage starting in January 2024.