Social Security update: First round of October payments worth $4,873 goes out in six days

The first round of October’s Social Security payments, worth up to $4,873 for the highest-income earners who retire at age 70, will go out to the first group of retirees in six days.

Here is all you need to know about this month’s Social Security payments, which go out in three rounds.

Former President Franklin D. Roosevelt signed the Social Security Act into law in 1935, and the Social Security Administration was created to manage it. The agency sends monthly checks to retirees to reduce or replace their incomes once they stop working.

Beneficiaries receive different amounts depending on when they retire, the amount they paid into Social Security, and the number of years they paid into Social Security.

Payments largely depend on recipients’ retirement age. According to the SSA, retiring at the youngest age, 62, allows up to $2,710 per month, while delaying retirement until age 70 can allot up to $4,873 per month.

Beneficiaries can see a personalized estimate of how much they can expect each month through the SSA’s calculator.

Social Security payments typically begin on the second Wednesday of every month, and the following waves go out in the subsequent weeks. The distribution of payments depends on which day of the month a retiree was born.

Retirees born between the first and 10th of a month will receive their payments on Wednesday, Oct. 9. Beneficiaries born between the 11th and 20th of a month will receive their checks on Oct. 16, and retirees born on or after the 21st of a month will receive their payments on Oct. 23.

Citizens are eligible for Social Security payments beginning at 62 years old.

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Social Security is financed by a payroll tax paid by employers and employees.

Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to give out full payments to recipients as early as 2034 due to a rising number of retirees and a shrinking number of workers.