Take a look at the people who are getting their October 2022 benefits and when
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Actualizado 19/10/2022 - 10:06 CDT
The Social Security Administration is offering a new payment that is scheduled for October 2022 that is considered to come as it was expected. In time and form, recipients who qualify for the Supplemental Security Income (SSI) will not get a payment due to a quirk in the payment schedule.
The reason for this is because SSI recipients were actually paid twice with checks in the month of September, that's why they aren't getting any checks during the month of October. Any other Social Security recipients will get their October payments within their normal schedule. Take a look at the quick rundown of how this is going down over the next 12 days of the month.
How will the October SS Payments go down?
First of all, your payment already was distributed on Wednesday, October 12 if your birth date was between the 1st and 10th of the month. Those whose borth dates fall between the 11th-20th will get their payments on October 19. People's birth dates falling between the 21st and the 31st are getting their payment on October 26.
As far as the amount goes, the average Social Security benefit is $1,657 per month in 2022, according to CNET. This amount is expected to increase in 2023 due to this year's inflation rate. Due to the cost-of-living adjustment (COLA) increaase to 8.7%, this amount will go up to $1,800 per month in 2023.
According to GOBankingRates, the average Social Security payment could increase all the way to $2,112 per month by 2030. That is, if COLA keeps following the same pattern it has since 2001.
Back then, the average Social Security payment was an average $874. If you don't get your payment on the scheduled date, the Social Security Administration offers you the option to contact them only after allowing three additional mailing days to pass.
Social Security pays benefits in the month following the month for which they are due. For example, the January benefit is paid in February.
For most beneficiaries, the payment date depends on your birth date. If you are receiving payments on the record of a retired, disabled or deceased worker (for example, spousal or survivor benefits), that person's birthday sets the schedule.
Here's how it works:
- If the birthday is on the 1st through the 10th, you are paid on the second Wednesday of each month.
- If the birthday is on the 11th through the 20th, you are paid on the third Wednesday of the month.
- If the birthday is on the 21st through the 31st, you are paid on the fourth Wednesday of the month.
The Social Security Administration adopted this staggered schedule in June 1997. Prior to that, all benefit payments went out on the third day of the month, but that became unwieldy as the number of beneficiaries grew.
Most people who started receiving benefits before May 1, 1997, are still paid on the third of the month. The third is also the monthly pay date for these groups of Social Security beneficiaries:
- Those who live abroad.
- Those enrolled in Medicare Savings Programs, which provide state financial help for paying Medicare premiums.
- Those who collect both Social Security and Supplemental Security Income (SSI) benefits. If you are in this group, you get your SSI on the first of the month and your Social Security on the third.
Social Security has an online calendar showing all the payment dates for 2022.
Keep in mind
- Social Security no longer pays benefits by check. You can receive benefits by direct deposit or via a Direct Express debit card.
- If a scheduled payment date falls on a weekend or federal holiday, payments are made on the first preceding day that isn't a Saturday, Sunday or holiday.
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