Retirees aged 62 and older receiving Social Security who missed the October 3rd payment may soon receive their benefits on one of three upcoming payment dates, depending on their birthdate:
Key Payment Dates for October:
This Article Includes
- October 9: For those born between the 1st and 10th of the month.
- October 16: For those born between the 11th and 20th.
- October 23: For those born between the 21st and the end of the month.
Average and Maximum Social Security Payments for October 2024:
- Average Payment: Around $1,920.
- Maximum Payments:
- $2,710: For those who filed at age 62.
- $3,822: For those who filed at Full Retirement Age (66 years and 8 months).
- $4,873: For those who filed at age 70.
Strategies to Increase Your Social Security Benefits:
- Delay Your Benefits: Waiting until age 70 can maximize your monthly payments.
- Increase Your Earnings: Working in Social Security-covered jobs for at least 35 years and earning more can boost your benefits.
Impact of Continued Work on Benefits:
- At Full Retirement Age or Older: You can work without a reduction in benefits.
- Younger than Full Retirement Age: If your earnings exceed $22,320 (in 2024), your benefits are reduced by $1 for every $2 you earn above this limit.
- In the Year You Reach Full Retirement Age: Earnings above $59,520 (in 2024) result in a deduction of $1 for every $3 earned until the month you reach full retirement age.
Adjustment for Withheld Benefits:
If benefits were withheld due to earnings, your monthly payment will be adjusted at full retirement age to account for missed benefits. Additionally, the SSA reviews earnings yearly, and if your recent earnings are higher than previous years, your benefits may be increased retroactively.
Planning wisely for retirement and understanding the impact of work and timing on your benefits can help ensure you maximize your Social Security payouts.
