Big payments are on their way for retirees and Social Security Disability Insurance (SSDI) recipients in the United States. The Social Security Administration (SSA) will disburse payments on September 18, 2024, providing much-needed financial support to eligible individuals. Both retirees and SSDI recipients who meet the criteria could see substantial payments in the coming days, with some qualifying for up to $3,822.
Here’s everything you need to know about the upcoming payments and how to determine if you qualify.
Payment
For individuals receiving Social Security benefits, the SSA is set to make payments on September 18, 2024. These payments will go to both retirees and SSDI recipients, ensuring they receive their monthly benefit on time.
The payment schedule is based on birthdates. If your birthday falls between the 11th and the 20th of the month, you will receive your payment on September 18. If your birthday falls between the 21st and the 31st, your payment will arrive the following week, on September 25.
This timing applies to those who began receiving Social Security benefits (either retirement or SSDI) after April 30, 1997. It’s important to note that individuals receiving Supplemental Security Income (SSI) are not included in this payment schedule.
Who Qualifies
While the maximum Social Security payment for retirees and SSDI recipients is $3,822 in 2024, not everyone will qualify for this amount. To be eligible for this maximum payment, you must meet several criteria:
- Worked for 35 years or more: The SSA calculates your benefit based on your highest 35 years of earnings.
- Earned the taxable maximum: This means you must have consistently earned the maximum taxable income set by the SSA for 35 years. For 2024, the taxable maximum is $168,600. This limit changes annually to account for inflation and Cost of Living Adjustments (COLA).
- Filed at Full Retirement Age (FRA): To receive the maximum benefit, you must have waited until your full retirement age to file for Social Security. The FRA ranges from 66 to 67, depending on the year you were born.
If you meet these conditions, you could receive the highest possible monthly payment of $3,822, whether you’re on SSDI or receiving retirement benefits.
Benefit
The SSA ensures that payments are sent on time, with SSDI and retirement payments scheduled through the end of 2024. For now, the payment amounts will remain the same until January 2025, when the next COLA adjustment takes effect. This adjustment will reflect inflation and other economic factors, potentially increasing the payments for all Social Security recipients.
In the meantime, here’s a quick look at the payment schedule for the rest of September:
- September 18: Payment for those born between the 11th and the 20th.
- September 25: Payment for those born between the 21st and the 31st.
Social Security Payment
If you’re wondering whether you qualify for the upcoming Social Security payments, here’s a quick checklist:
- You must be receiving Social Security (retirement or SSDI) and not SSI.
- Your birthday must fall within the specific ranges for September payments:
- Born 11-20: Payment on September 18.
- Born 21-31: Payment on September 25.
- You must have earned the taxable maximum for at least 35 years to qualify for the highest payment of $3,822.
If you meet these criteria, you’re likely in line to receive your payment soon. Those who earned less or have not worked 35 years will receive smaller payments, as determined by their work history and earnings.
Final Thoughts
While the September payments are significant, many recipients are already looking ahead to January 2025, when the new COLA increase will take effect. The Cost of Living Adjustment is designed to help Social Security payments keep up with inflation, ensuring recipients maintain their purchasing power despite rising costs.
For now, benefit amounts will remain stable through the end of 2024, with changes expected at the start of the new year. Whether you’re receiving retirement benefits or SSDI, staying informed about these adjustments is essential for managing your financial future.
FAQs
Who will receive Social Security payments on September 18, 2024?
Retirees and SSDI recipients born between the 11th and the 20th will receive payments.
What is the maximum Social Security payment in 2024?
The maximum payment is $3,822 for individuals who qualify based on work history and earnings.
How do I qualify for the $3,822 payment?
You must have worked for 35 years, earning the taxable maximum, and filed at full retirement age.
When will SSDI and retirement benefits increase?
Benefits will increase in January 2025 when the COLA adjustment takes effect.
Can I receive both SSI and Social Security retirement benefits?
No, this payment schedule applies only to SSDI and retirement beneficiaries, not SSI recipients.