The Social Security Administration (SSA) is set to issue payments for retirees and SSDI recipients on September 18, 2024.
Some Americans could receive up to $3,822 if they meet specific eligibility requirements. This payment will go to those who earned the highest wages over their working years and applied for Social Security at Full Retirement Age (FRA) in 2024.
Here’s what you need to know about who qualifies, the upcoming payment schedule, and how to ensure you receive the maximum benefit.
SSDI and Retirement Payment Schedule
In just 24 hours, many retirees and SSDI (Social Security Disability Insurance) recipients will see a substantial deposit from the SSA. The agency has confirmed that it will process payments for both groups on September 18, 2024.
Payment Dates Based on Birthdays:
- September 18: For those born between the 11th and 20th of any month.
- September 25: For those born between the 21st and 31st of any month.
Recipients who began receiving Social Security benefits after April 30, 1997, and are not receiving Supplemental Security Income (SSI) are eligible for these payments.
Who Can Receive $3,822?
While many Social Security recipients will receive payments on these dates, not everyone will qualify for the maximum payment of $3,822. This high payment is reserved for individuals who meet very specific criteria:
- Worked the maximum taxable earnings for 35 years: Only those who consistently earned the highest wages (up to the taxable maximum) over their careers qualify.
- Filed at Full Retirement Age (FRA): To receive the maximum benefit, retirees must have waited until their FRA (currently 66-67 years, depending on your birth year) to file for Social Security. Those who filed earlier receive a reduced benefit.
- Earnings history: In 2024, the taxable maximum—the highest wage subject to Social Security tax—is $168,600. To qualify for the $3,822 payment, you would need to have earned at or above this amount for 35 years.
Since earning the taxable maximum every year is quite difficult, few Americans receive this maximum benefit. However, if you fit the criteria, you could see this payment deposited in your account as early as September 18.
Why Not Everyone Qualifies for $3,822
The $3,822 figure represents the maximum SSDI or retirement payment for those who meet the strict eligibility requirements.
For those who did not consistently earn at the highest level or who filed for Social Security benefits before reaching their Full Retirement Age, monthly payments will be lower.
What Affects Your Social Security Benefit?
- Filing Age: Filing before reaching FRA results in a permanently reduced monthly benefit.
- Earnings History: Social Security benefits are based on your 35 highest-earning years. Fewer years or lower earnings mean lower benefits.
- COLA Adjustments: While the 2024 payments will remain steady through December, the Cost-of-Living Adjustment (COLA) for 2025 will impact payments starting in January.
How to Check Your Eligibility for the $3,822 Payment
If you’re unsure whether you qualify for the next SSDI or retirement payment, it’s important to check the following:
- Are you on Social Security (retirement or disability insurance) after April 30, 1997?
- Are you not receiving Supplemental Security Income (SSI)?
- Does your birthday fall between September 11-20 (for the September 18 payment) or September 21-31 (for the September 25 payment)?
If you meet these conditions and have consistently earned the taxable maximum for 35 years, you could qualify for the maximum $3,822 benefit. If not, your benefit will be based on your earnings record and when you filed for Social Security.
Future Adjustments and COLA Increases
While the payment amounts for SSDI and retirement benefits will remain the same through December 2024, the next major adjustment will come with the Cost-of-Living Adjustment (COLA) increase in January 2025.
This adjustment is designed to keep up with inflation and can significantly impact monthly benefit amounts for retirees and SSDI recipients.
The SSA typically announces the COLA increase in October, and it goes into effect the following January, meaning recipients will see higher payments early in the year.
If you’re a retiree or SSDI recipient, you may be eligible for a large Social Security payment in September 2024, with some qualifying for a maximum benefit of $3,822.
These payments are set to go out based on your birth date, with the first round being deposited on September 18, 2024.
Remember, only those who have consistently earned the taxable maximum for 35 years and filed for Social Security at their Full Retirement Age will receive the maximum amount. Otherwise, payments will vary based on your earnings history.
With COLA adjustments coming in January 2025, now is a good time to review your Social Security benefits and ensure you’re maximizing your payments.
FAQs
Who qualifies for the $3,822 payment?
Only those who earned the taxable maximum for 35 years and filed for Social Security at Full Retirement Age.
When will the next Social Security payments be made?
On September 18, for those born between the 11th-20th, and on September 25, for those born between the 21st-31st.
How can I check if I’m eligible for the maximum Social Security payment?
Review your earnings history to see if you’ve met the taxable maximum for 35 years and check your filing age.
Will SSDI and retirement payments increase in 2025?
Yes, payments will increase in January 2025 when the new Cost-of-Living Adjustment (COLA) goes into effect.
How does the taxable maximum affect Social Security benefits?
The taxable maximum is the highest amount of income subject to Social Security taxes. Earning at or above this level for 35 years is required for the maximum benefit.
