Who will receive their Social Security check on October 18?

Every month, the Social Security Administration (SSA) issues about 70 million payments to program beneficiaries, most of whom are retired workers. Last week, the SSA announced that beneficiaries of the programs it oversees would see a 3.2 percent increase in their benefits next year. This boost, commonly known as the Cost-of-living adjustment (COLA), is made each year to limit the impact of inflation on the purchasing power of retired workers and other beneficiaries.

Another round of checks to hit bank accounts this week

However, the sending of COLA-applied benefits is still a few months away.

This month, the SSA will continue to distribute Social Security payments, with the next batch of payments scheduled for Wednesday, 18 October.

The date upon which one receives their Social Secuirty benefits depends on the birthday of the retired worker. The only exception to this rule applies to workers who retired before May 1997, with this group receiving their checks on the third of each month unless that date happens to fall on a weekend or holiday. This Wednesday, benefits will be sent to those whose birth date falls between the 11th and 21st of any month.

In September, the average Social Security benefit for retired workers was $1,841.27. However, not all beneficiaries see checks this large. The amount of retirement benefits a worker receives depends on various factors, such as the number of years worked, the salary earned, and the taxes paid during those years. The SSA calculates a specific amount for each beneficiary based on these factors as well as their age at the time of retirement. The highest possible benefit amount in 2023 is $4,555, but only a tiny fraction of beneficiaries receive a check this large.

The final payment for Social Security will be made on: