If you receive Social Security benefits, including SSI, SSDI, or retirement, you might notice some changes in your payments this year.
In 2024, the Social Security Administration (SSA) adjusted average payments, impacting millions of beneficiaries across the U.S. Whether you’re receiving retirement, disability, or supplemental income, these changes are worth noting.
Payment Changes
Social Security payments fluctuate based on earnings, taxes paid by workers, and the Cost-of-Living Adjustments (COLA) announced annually.
As of September 2024, the average payments increased slightly compared to earlier in the year. Here’s a breakdown of what recipients can expect:
- Retirement benefits: The average monthly check for retired workers is now $1,920, up from $1,907 in January 2024. Spouses of retired workers receive around $909, while their children receive $892 on average. Though the increase is modest—just $13 for retirees—every dollar counts.
- SSDI payments: Disability beneficiaries (SSDI) also saw a minor increase. In December 2023, SSDI recipients were getting an average of $1,489. By August 2024, this amount rose to $1,539, marking a $50 increase. Compared to January’s average, the difference is just $2.
- SSI payments: The Supplemental Security Income (SSI) checks, designed for low-income individuals, now average $698. Although this is an improvement from earlier months, the SSA had previously reduced SSI payments before the recent increase.
These small adjustments may not seem significant, but they reflect changes in inflation, taxes, and the overall economy.
Upcoming Payment Dates
When you receive your benefits depends on the specific program and your date of birth. Here’s a breakdown of the next few payment dates for SSDI, SSI, and retirement benefits:
- September 18: SSDI and retirement payments for beneficiaries born between the 11th and 20th of any month. This applies to recipients not on SSI and who started receiving benefits after May 1997.
- September 25: SSDI and retirement payments for those born between the 21st and 31st, under the same conditions as above.
- October 1: SSI payments for all eligible recipients. This is the only payment date for SSI in October.
- October 3: For those receiving SSDI or Social Security retirement benefits, who began before May 1997, or if you’re also receiving SSI.
If you are unsure when to expect your payment, you can check your status by logging into your My Social Security account or contacting the SSA directly.
How to Qualify for Benefits
Eligibility requirements vary depending on the type of benefit:
- Retirement benefits: To qualify, you must be at least 62 years old and have earned enough work credits over your career. The earlier you file for benefits, the lower your monthly check will be. Full retirement age varies, usually between 66 and 67, depending on your birth year.
- SSI benefits: SSI is available to low-income individuals who are either over 65, blind, or disabled. To qualify, your income and assets must fall below specific thresholds, and you cannot be receiving substantial income from other sources like Social Security retirement or SSDI.
- SSDI benefits: SSDI is designed for individuals who have paid into the Social Security system through taxes and are unable to work due to a long-term disability. To be eligible, your disability must prevent you from working for at least one year, and you must have accumulated enough work credits.
The SSA frequently adjusts payment amounts based on COLA and other economic factors. Staying informed about these updates is essential for managing your finances.
You can always check your payment schedule, amounts, or eligibility requirements by visiting the SSA’s official website or contacting their offices.
Even though the increases in average payments are modest this year, they make a difference for millions of recipients who rely on these benefits for daily expenses.
Be sure to stay updated on future announcements to ensure you’re maximizing your benefits and receiving your payments on time.
FAQs
How much did Social Security payments increase in 2024?
Payments increased slightly, with retirement benefits rising by $13 and SSDI by $50 on average.
What is the average Social Security retirement check in 2024?
The average check for retired workers is $1,920 as of September 2024.
When are the next SSI and SSDI payment dates?
SSI payments are on October 1, while SSDI payments vary by birth date: September 18 and 25.
What is SSI, and who qualifies for it?
SSI is a program for low-income individuals who are over 65, blind, or disabled.
Can SSDI payments increase or decrease during the year?
Yes, SSDI payments may fluctuate based on factors like COLA adjustments and taxes paid.
