Social Security checks up to $4,555 on October 25, 2023: Who will get them and when?
The last Social Security payment of the month is coming. Find out who will receive a check for up to $4,555 this Wednesday, October 25.
The month is almost over and that only means one thing for the Social Security Administration (SSA): Issuing the last round of payments to the program’s beneficiaries.
Month after month, the SSA issues around 70 million payments to program beneficiaries, who are mostly retired workers. Payment days are Wednesdays and the exact date will depend on the beneficiary’s day of birth.
Those born from the 1st to the 10th, receive the check on the second Wednesday of the current month, while those with a birth date between the 11th and the 20th they receive it on the third Wednesday and those from the 20th to the 31st, the last. Recipients of Supplemental Security Income (SSI) and workers who began claiming benefits before May 1997 do not fall into this payment scheme since they receive their check on the first and third day of the month, respectively.
As for the amounts, the exact figure will depend on various factors. However, the SSA assures that the average payment for a retired worker is $1,800 dollars in 2023, although there are those who can collect the maximum benefit of $4,555 dollars.
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Who will receive $4,555 from Social Security on October 25?
To be eligible for the maximum benefit of $4,555 dollars you had to wait until age 70 or later to retire, in addition to working for a minimum of 35 years, earn the salary cap for each of those 35 years and pay Social Security payroll taxes on the maximum taxable income in those 35 highest-earning years.
Taking this into account, as well as the payment schedule, the beneficiaries who will receive $4,555 dollars from Social Security this Wednesday, October 25, are those who have all the requirements to request the maximum benefit and who were also born between day 20 and 31.
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Payment schedule for November
Because there will be no more payments for the month of October, below we share the Social Security payment schedule for next November:
- 1st: SSI Beneficiary
- 3rd: Beneficiaries who began receiving their payments before May 1997
- 8th: Beneficiaries with a date of birth between 1st and 10th
- 15th: Beneficiaries with a date of birth between the 11th and the 20th
- 22nd: Beneficiaries with a date of birth between the 21st and 31st