Today marks the final Social Security payment for October for beneficiaries whose birthdays fall after the 20th. These payments are part of a structured schedule, which considers birthdate and the type of benefits each individual receives.
While the timing of payments is important, the actual amount you receive depends on several factors, including your age and earnings over your working years.
How to Maximize Your Social Security Benefits
The Social Security Administration (SSA) determines your benefit based on when you start claiming and your earnings history. Here’s a breakdown of the maximum benefits available at different ages:
- Age 62: The earliest age you can file, with a maximum benefit of $2,710 per month.
- Full Retirement Age (66-67): If you wait until full retirement age, you could receive up to $3,822 per month.
- Age 70: This is when your benefits stop increasing, and the maximum benefit rises to $4,873 per month.
To qualify for the maximum benefit, you must have been a high earner for 35 years and waited until full retirement age to begin claiming.
Upcoming COLA Increase for 2025
Good news for beneficiaries: Social Security payments are set to increase in 2025 due to a Cost of Living Adjustment (COLA).
Announced on October 10, the COLA increase for next year is 2.5%, which will raise the average monthly benefit by $48, bringing the typical payment to $1,968. These adjustments are aimed at helping beneficiaries keep up with inflation and rising living costs.
Understanding Social Security Benefits
Social Security provides critical financial support to millions of Americans. These benefits are available to retirees, those with disabilities, and families receiving survivor benefits. Each benefit is designed to replace a portion of a worker’s pre-retirement income, and the exact amount depends on earnings and when you begin claiming benefits.
- Retirement Benefits: These are monthly checks for eligible workers, replacing a percentage of their income once they retire.
- Supplemental Security Income (SSI): SSI provides monthly payments to people with disabilities and older adults who have little to no income.
- Survivor Benefits: These payments support eligible family members of workers who paid Social Security taxes and have passed away.
Handling Overpayment with the SSA
In cases where the SSA has overpaid recipients, individuals can file a waiver if they cannot afford to pay back the amount or believe they should not have to repay it. To do this, file Form SSA-632 at your local SSA office.
If approved, this waiver could relieve you of the obligation to return the overpayment. If you need more information or assistance, the SSA recommends calling 1-800-772-1213.
Social Security Payment Schedule for the Rest of 2024
If you receive Social Security benefits, it’s helpful to keep track of the payment schedule for the remainder of the year:
- November: Payments on the 13th, 20th, and 27th. SSI payments are scheduled for November 1st and 29th.
- December: Payments on the 11th, 18th, and 24th. SSI payments will be distributed on December 31st.
As always, staying informed about your benefits and the payment schedule can ensure you’re prepared for any changes coming your way.
