Millions of recipients of Social Security payments will get their next retirement checks for the month of October, which are worth up to $4,555 per payment, on Wednesday.
Those who receive Social Security checks and were born from the 1st through the 10th of their birth month are set to receive their regular monthly checks on Oct. 11. Those who have birth dates from the 11th through 31st of a month will receive their monthly checks for the month during one of the later waves of distribution.
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Social Security payments are based on the earnings throughout a recipient’s life and have no limits based on income or resources, but the amount received varies based on the age when an individual retires. Those who retired at the current retirement age, 67, receive a maximum check of $3,627, while those who retired at 62 get up to $2,572, and those who delay their retirement to age 70 get the largest payment of $4,555 per month, per the SSA.
The monthly retirement payments are paid to those who are eligible in three waves, all occurring on Wednesdays. The waves are divided based on the day of the month a recipient was born.
The second wave is always sent out on the third Wednesday of each month to those born on the 11th through 20th of their birth months, with this month’s payment having been sent to that group on Oct. 18. The third wave will be sent out on the fourth Wednesday of this month, Oct. 25, for those born on the 21st through 31st of their birth months, according to the Social Security Administration.
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Normal Social Security checks are different from other payments given out by the SSA, such as disability insurance or Supplemental Security Income.
Analysts predict that Social Security insolvency may occur as early as 2034 unless action is taken by Congress to prevent it via restructuring or another method.
