$1,800 Social Security payment on October 25: Who will get it?
The Social Security Administration continues to roll out its monthly payments. These are the beneficiaries who’ll receive payments of $1,800 on October 25.
Social Security payments continue for the month of October.
Every month, the Social Security Administration issues around $70 million in payments to program beneficiaries, most of whom are retired workers.
The payment date for these retirees is regulated based on the day of their birth, except in the case of those who retired before May 1997. Those who were born from the 1st to the 10th of any month receive payment on the first Wednesday. Those with a birth date between the 11th and the 21st get payments on the second Wednesday of the month, and those from the 21st to the 31st, on the third.
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The amount to be received depends on the individual condition of each worker with respect to the organization. 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 compute the specific retirement benefit.
The SSA assures that the average payment for a retired worker in 2023 is $1,827, with the possibility of collecting up to $4,555 as a maximum benefit for those who retired at age 70 or later.
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Who will receive $1,800 from Social Security on October 25?
Taking into account the way payments are distributed, those beneficiaries who will receive their monthly check on the third Wednesday of October are those who were born between the 11th and 21st of any month. As for the rest of the beneficiaries, all of them have already received their payments and will have to wait for the one scheduled for the month of November
- October 25: Beneficiaries with a date of birth between the 21st and 31st
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, the SSA announces the increase to the cost of living adjustment (COLA).
This increase is made to adjust the amount of payments to 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.