Getting the highest possible Social Security payment of $4,873 in October is challenging but achievable. The Social Security Administration (SSA) has strict requirements that, if met, can significantly boost your retirement income. In October, retirees can expect four different payment dates based on their eligibility. Let’s break down what it takes to get that large Social Security payment and how the schedule plays out for retirees this month.
Payday
October brings four distinct paydays for Social Security recipients. The SSA has set these dates based on when you applied for benefits and your birth date. Here’s how the payment schedule works:
- October 3: This payday is for retirees who started receiving benefits before May 1997. Those receiving both Supplemental Security Income (SSI) and Social Security retirement benefits will also receive their payments on this day. However, SSI recipients are unlikely to get the maximum amount of $4,873 since SSI is targeted at individuals with lower income.
- October 9: If you began receiving benefits after April 30, 1997, and your birthday falls between the 1st and 10th of the month, your payment will be deposited on this date.
- October 16: If your birthday falls between the 11th and 20th and you applied for benefits after April 30, 1997, this is your payday.
- October 23: Finally, those born between the 21st and the 31st who applied after April 30, 1997, will receive their checks on this day.
Most people will receive around $1,920, though those who meet stringent criteria can receive the maximum amount of $4,873.
Reaching $4,873
While most retirees see an average Social Security check of approximately $1,920 per month, it is possible to earn much more. However, only a small percentage of Americans qualify for the top amount of $4,873. Achieving this requires meeting several conditions that most workers struggle to fulfill. Here’s what it takes:
Age Requirement
To qualify for the maximum benefit, you must wait until the age of 70 to file for Social Security. Although you can start claiming benefits as early as 62, waiting until 70 allows you to maximize your monthly payout. The SSA rewards late filers by increasing benefits for every year you delay after full retirement age, up to 70.
Work Duration
In order to get the top amount, you must have worked for at least 35 years. During these years, Social Security will calculate your benefit based on your highest 35 years of earnings. If you haven’t worked for 35 years, zeros will be factored into your average, reducing your potential benefits.
Earnings Threshold
Not only must you work for 35 years, but your earnings must also reach the taxable maximum for Social Security in each of those years. In 2024, the taxable maximum is set at $168,600. This means you need to have consistently earned at or above this threshold throughout your career. For most people, this is one of the hardest requirements to meet.
Social Security Taxable Jobs
Another requirement is that your work history must include jobs that paid Social Security taxes. Not all occupations are covered by Social Security, such as some government or railroad jobs. Therefore, even high earners could miss out if their jobs weren’t subject to Social Security taxation.
Payment Schedule
To summarize the payment dates for October, based on your eligibility:
| Birth Date | Payment Date | Maximum Payment |
|---|---|---|
| Applied before May 1997 | October 3 | Up to $4,873 |
| Born 1st – 10th, after April 1997 | October 9 | Up to $4,873 |
| Born 11th – 20th, after April 1997 | October 16 | Up to $4,873 |
| Born 21st – 31st, after April 1997 | October 23 | Up to $4,873 |
These dates ensure that Social Security payments are distributed smoothly throughout the month.
Most retirees will receive the average payment of $1,920, but those who meet the strict criteria can look forward to receiving the full $4,873. Keep in mind that these payments do not yet account for the 2025 Cost-of-Living Adjustment (COLA), which will begin to affect payments after October.
Reaching the highest Social Security payout requires dedication and a carefully planned career. While it is possible, the average American worker may find it hard to achieve the necessary milestones. However, with smart planning and informed decisions about retirement timing, you can still boost your benefits substantially.
FAQs
Who gets Social Security on October 3?
Retirees who applied before May 1997.
How much can I get from Social Security?
The maximum payout is $4,873.
When do I receive payment if born on October 9?
Your payday is on October 9.
How do I get the maximum Social Security benefit?
Work 35 years, earn maximum taxable income, and file at 70.
Can SSI recipients get $4,873?
No, SSI recipients cannot receive the maximum benefit.
