Social Security payments: These beneficiaries will receive $1,900 on Wednesday, Oct. 16
Social Security beneficiaries will receive an average payment of $1,900 on Oct. 16, depending on their date of birth. Find out if you are on the list.
The Social Security Administration issues millions of payments every month to recipients of its various programs. Most go to retired workers and individuals receiving Supplemental Security Income or SSI and Social Security Disability Insurance or SSDI benefits.
To ensure an efficient and orderly distribution process, the government agency distributes benefits based on the recipients’ day of birth. Those born between the 1st and 10th of any month receive their payments on the second Wednesday of the month; those born between the 11th and 20th receive their payments on the third Wednesday; and those born between the 21st and 31st receive their money on the fourth.
Workers who retired before May 1997 and SSI recipients do not fall under the above scheme because they follow a different schedule. Instead of receiving their payments based on their date of birth, these recipients get their deposits or checks on the first few days of each month, regardless of their date of birth.
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How much can I expect from Social Security in 2024? Amounts
The amount beneficiaries receive from Social Security depends on several factors, including their contribution history and the age at which the individual claims payment. However, the agency provides official estimates that can help people plan for their financial future.
In 2024, the average monthly payment for an individual retiree is $1,907. For couples filing jointly, the average payment is $3,303 per month. SSI recipients receive an average of $943 per month for individuals and $1,415 for couples.
Who will receive $1,900 from Social Security on Oct. 16?
According to the calendar, retirees born between the 11th and 20th of any month will receive an average payment of $1,900 on Wednesday, Oct. 16. This will be the second-to-the-last payment of the month, and this is the remaining payment scheduled.
- Wednesday, 23rd: Beneficiaries with a date of birth between the 21st and the 31st
Increase in Social Security payments
Social Security payments are adjusted annually by the Cost-of-Living Adjustment or COLA, an index designed to counteract the effects of inflation. In 2024, the COLA adjustment was 3.2%, while, by 2025, more than 72.5 million individuals will benefit from a 2.5% increase.
READ ALSO: What is the difference between SSDI and SSI?
With the COLA increase, average payments for retired workers will increase to $1,976. Maximum Supplemental Security Income benefits will increase to $967 per month for an eligible individual, $1,450 for a qualified person with an eligible spouse, and $484 for an essential person.
The exact amount varies from beneficiary to beneficiary, so we recommend adding 2.5% to your current benefits to find the amount of next year's payments.
For more information, visit the official Social Security Administration website.