The next Social Security payment for retirees is just around the corner, and many recipients are eagerly awaiting their funds.
With more retirees relying on these benefits, understanding when and how you’ll receive your payment is essential. However, not everyone is eligible for this upcoming payment, so let’s break down the specifics.
Eligibility for September’s Payment
To receive the next Social Security payment in September, you need to meet specific criteria set by the Social Security Administration (SSA). The payment date is crucial, and so is your birthdate.
For those born between the 11th and the 20th of any month, your Social Security payment will be deposited on September 18, 2024. This date is important because Social Security payments are distributed based on the date of birth.
If your birthday falls outside of this range, your payment date will differ:
- Born between the 1st and 10th: You would have received your payment earlier in the month.
- Born between the 21st and 31st: Your payment will be deposited on September 25, 2024.
Supplemental Security Income (SSI) Recipients
If you receive Supplemental Security Income (SSI) in addition to your retirement benefits, you won’t receive the September 18 payment.
Instead, your next payment will be on October 3, 2024. This date is also applicable to those who have been receiving Social Security benefits since before May 1997.
Social Security Payment Dates
Understanding the payment schedule is crucial for budgeting, especially for retirees relying on these benefits to cover their monthly expenses. Here’s a quick summary of the upcoming payment dates:
| Birthdate Range | Payment Date |
|---|---|
| 1st – 10th of the month | Already received in early September |
| 11th – 20th of the month | September 18, 2024 |
| 21st – 31st of the month | September 25, 2024 |
| SSI Recipients or before May 1997 | October 3, 2024 |
Payment Amounts
On average, retirees can expect to receive about $1,920 per month. However, the exact amount varies based on several factors, including your earnings history, the age at which you started claiming benefits, and your lifetime earnings.
Maximum Payments
Some retirees may qualify for higher payments, especially those who delayed filing for Social Security benefits until they reached Full Retirement Age (FRA) or later. Here’s how payment amounts can vary:
- Filed at Age 62 in 2024: You could receive up to $2,710 per month.
- Filed at Full Retirement Age: Your monthly payment could be as much as $3,822.
- High Earners with 35 Years of Work: Those who earned the maximum taxable income for 35 years in jobs covered by Social Security could receive up to $4,873 per month.
This $4,873 is the highest possible monthly payment a retiree can receive before the 2025 Cost of Living Adjustment (COLA) kicks in January.
Looking Beyond September 18
If your birthday is after the 20th of the month, remember that your next payment will be on September 25, 2024. This will be the last payment in September, ensuring that everyone receives their due benefits according to their eligibility.
As for future payments, retirees can look forward to a potential increase in January 2025 with the COLA adjustment, which typically helps offset inflation.
However, note that while SNAP recipients will see their COLA adjustments in October, retirees and SSI recipients will have to wait until the new year.
FAQs
When is the next Social Security payment date?
The next payment is on September 18, 2024, for those born between the 11th and the 20th.
What if my birthday is after the 20th?
Your payment will be deposited on September 25, 2024.
How much can I expect to receive?
The average payment is about $1,920, but it varies based on your earnings and filing age.
Do SSI recipients get the September 18 payment?
No, SSI recipients will receive their next payment on October 3, 2024.
Can I get a higher Social Security payment?
Yes, high earners with 35 years of covered work can receive up to $4,873 per month.
