Social Security Benefits: Here's When You're Going to Get Your $1,657 Payments This October 2022

Social Security benefits recipients will be seeing a monthly payment worth $1,657 starting on October 12.

Washington Examiner noted that Social Security recipients with birthdays between October 1 and October 10 will be receiving their payments first.

Social Security Administration calendar noted that those with a birthday after October 10 will have to wait at least another week before receiving a check.

The Social Security benefits are different from the Supplemental Security Income. The former is largely based on earnings throughout a person's lifetime without any income or resource limit.

Meanwhile, Supplemental Security Income has an income and resources threshold to qualify. It is usually paid for by general tax revenues and can vary depending on federal and state laws.

Social Security Benefits Payments

The maximum Social Security benefit for this year is $4,194 per month while the average benefit amount will be around $1,657, according to the U.S. Sun report.

Social Security benefits recipients with birthdays on the 11th and 20th will receive their benefits on the third Wednesday of each month.

Meanwhile, if your birthday falls on the 21st through the 31st, your Social Security benefits will be deposited on the fourth Wednesday of each month.

If you are receiving Social Security benefits, some members of your family may also qualify to receive benefits on your record. Qualified family members will receive a monthly payment of one-half of your retirement benefit amount.

The Social Security payments to family members will not decrease the amount you receive from your retirement benefit.

Your children may also qualify for the original recipients' retirement benefits. A dependent grandchild may also qualify, as long as they are unmarried; under age 18; be 18-19 years old and a full-time student; and be 18 or older and have a disability that started before age 22.

Social Security Benefits October 2022

Other Social Security benefits administered by the Social Security Administration are the SSI and SSDI or the Social Security Disability Insurance.

SSI provides monthly payments to adults and children with a disability or blindness who have income and resources below the required financial limits.

SSI benefits are usually paid on the first day of the month unless it falls on a weekend or legal holiday. If that is the case, payments will be issued the Friday before.

However, no checks will be sent for the month of October, just like the case was in January and May, as reported by Go Banking Rates.

Meanwhile, the latest estimate for the 2023 cost-of-living adjustment is 8.7% based on a non-partisan seniors advocacy group, the Senior Citizens League.

It was reported to be the highest COLA in more than 40 years. The COLA rate would also push the average benefit to about $1,800 per month for the year 2023.

By 2030, it was reported that the average Social Security payment could be $2,112 per month if COLA trends continue the same pattern they have since 2001.

This article is owned by Latin Post.

Written by: Mary Webber

WATCH: How Social Security Works - from CNBC