Social Security update: First round of October Wednesday payments worth up to $4,873 go out in 12 days
According to Vibes.okdiario, The October 3 payment will be significant for two specific groups of recipients: those receiving Social Security (including retirement and SSDI) and Supplemental Security Income (SSI). However, this payment will also extend to individuals who began receiving benefits before May 1997.
If you do not fall into these categories, you will need to wait longer for your Social Security payment. Specifically, the first Wednesday payment for other eligible recipients will arrive in bank accounts on October 9, 2024.
Eligibility for Wednesday Payments
To qualify for the Wednesday payments, you must not be receiving SSI, and you must not have begun receiving benefits before May 1997. Additionally, you must have applied for and been approved for Social Security benefits; those who have never applied cannot qualify.
What sets this payment apart is that it is specifically for eligible recipients whose birthdays fall between the first and tenth of any month. If your birthday does not fall within this range, there’s no need to worry. There are two additional rounds of Wednesday payments: the second round is scheduled for October 16 (for birthdays from 11th to 20th) and the third round for October 23 (for birthdays from 21st to 31st).
Also read: Social Security COLA 2025 Predictions Ahead of Decision
Payment Amounts for Social Security Recipients
Both retirees and SSDI recipients will receive payments on October 3, 9, 16, and 23. However, it is important to note that retirees typically receive higher average payments. As of August 2024, the average payment for retirees is about $1,920, while SSDI recipients receive an average of $1,539. The largest SSDI payment can reach $3,822, which is also the maximum amount for individuals at Full Retirement Age.
For retirees, the potential payment can be as high as $4,873, provided they meet certain criteria:
- Worked for a minimum of 35 years
- Held jobs covered by Social Security
- Applied for retirement benefits
- Filed for benefits at age 70
- Earned the contribution and benefit base for at least 35 years
