A new payment from the Social Security Administration (SSA) is about to drop, and you could qualify to receive the maximum payment. No two retirees receive the same retirement benefits from the SSA, as the amount you receive is dependent on a variety of factors and meeting specific eligibility criteria. Additionally, the SSA is responsible for orchestrating millions of payments every month, meaning your payment date may also be different to other beneficiaries.

When are SSA payments distributed?

The SSA staggers its payments to its approximate 70 million beneficiaries throughout each new month, with each payment date staggered according to your birthdate, from which SSA fund you receive benefits from, as well as the timing of when you claimed your benefits. There are three different SSA benefits that you can claim from: Retirement benefits (which make up the majority of SSA beneficiaries), Supplemental Security Income (SSI) benefits, and Disability benefits. SSI is reserved specifically for those who have little to no income or resources, while Disability benefits is for those who are unable to work and earn an income due to a physical impairment.

With three different funds, the SSA staggers payments throughout the month primarily based on birthdates. However, SSI benefits are always paid out on the first of the month, regardless of when your birthdate is, with those who qualify for both SSI and Retirement benefits receiving their retirement benefits on the third of the month.

The general payment schedule for Retirement and Disability beneficiaries is as follows if you are not an SSI beneficiary:

The second Wednesday of the month: Birth dates between the first and the 10th of the month.
The third Wednesday of the month: Birth dates between the 11th and 20th of the month.
The fourth Wednesday of the month: Birth dates between the 21st and 31st of the month.

Who will receive $5,108 from the SSA in two days?

According to the Social Security payment schedule, this upcoming Wednesday is when payments are released for beneficiaries who have a birthdate between the first and tenth of any given month. Of these beneficiaries, certain Retirement beneficiaries will be eligible to receive the maximum retirement benefit of $5,108. However, you need to ensure that you meet certain eligibility criteria to receive this payment.

In order to receive the maximum Social Security payment, you must meet the following core critiera:

Beneficiaries must delay claiming their benefits until 70 years old
Earn above the maximum taxable Social Security threshold for at least 35 years

Ensuring that you delay your benefits until you are 70 years old is a critical qualifying critiera in order to claim the maximum payment. While you are permitted to claim your Retirement benefits from the SSA as early as 62, the SSA rewards beneficiaries with higher monthly benefits if you delay claiming.

SSA payments increase on this date

All SSA beneficiaries need to take note of October 15, as this will be the date when the next cost-of-living adjustment (COLA) statistic will be announced for next year. It is well known that once you choose to claim your benefits, they cannot be increased. However, the exception is when the new COLA is announced, which is applied annually to benefits to ensure that they retain the same buying power to keep up with inflation.

According to experts, this year’s COLA is expected to be similar to last year’s increase, between 2.5%-2.7%. While it may be tempting to want a higher COLA applied to your benefits, it is actually better if the COLA statistic is lower. This is because a higher COLA means that inflation has been on the rise and that cost-of-living is more expensive. A lower COLA indicates that expenses are more stable and that the economy is subsequently thriving and strong.

Disclaimer: This content is informational only and does not supersede or replace the SSA’s or IRS’s own publications and notices. Always verify any specific dates and amounts by following the direct links in our article to SSA.gov or IRS.gov, or by consulting your local SSA field office or tax professional.