Social Security has confirmed that two payments are expected for retired workers and Social Security Disability Insurance (SSDI) beneficiaries this month. If you qualify for retirement or disability benefits, it’s important to know when to expect these payments. In September 2024, payments will be issued on Wednesday, the 18th, and Wednesday, the 25th.
As of now, Social Security payments impact a significant portion of the American population. More than 71 million people, or roughly one in five Americans, receive Social Security payments. A large majority of these recipients are elderly, while a smaller percentage are young survivors of deceased workers or people receiving SSDI benefits.
Let’s break down the requirements for retirees and disabled workers to qualify for these payments.
Retirees
To receive Social Security retirement benefits, you must meet specific requirements. The most important is paying Social Security contributions while you work. These contributions come from payroll taxes (FICA) for regular employees or income tax returns for the self-employed.
In return, you accumulate Social Security credits. You can earn a maximum of four credits per year, and you’ll need 40 lifetime credits to qualify for retirement benefits. This system ensures that you’ve worked enough and contributed to the program before receiving retirement payments.
Age also plays a big role. For example, at age 62, the average benefit is around $2,710 per month, but waiting until age 67 or 70 can increase that amount to $3,822 or $4,873, respectively. Planning when to retire and claim your benefits can significantly impact the amount of your monthly payments.
Payment Breakdown
| Age | Monthly Payment |
|---|---|
| Age 62 | $2,710 |
| Age 67 | $3,822 |
| Age 70 | $4,873 |
Disabled Workers
If you’re disabled and cannot work, you may qualify for Social Security Disability Insurance (SSDI). However, meeting the requirements involves proving that your disability prevents you from performing substantial gainful activity (SGA). This means your medical condition must be serious enough to stop you from working for at least 12 months or must be expected to result in death.
You also need to show a history of paying payroll taxes, as these contribute to your eligibility for SSDI. Many people assume that their disability benefits will fully cover their financial needs, but this is often not the case. It’s a good idea to investigate additional income sources to make sure all your expenses are covered.
Some SSDI recipients may also qualify for Supplemental Security Income (SSI) payments. The SSI program has its own set of rules, but it’s possible to receive both SSDI and SSI benefits at the same time if your income is low enough. Fortunately, you don’t need to apply separately for both programs—the Social Security Administration will assess your eligibility.
Payment Breakdown
| Recipient | Monthly Payment |
|---|---|
| Average SSDI Recipient | $1,537 |
| Blind Recipients | $2,590 |
| Maximum SSDI Payment | $3,822 |
Payments
The Social Security Administration follows a set schedule for monthly payments. In September 2024, beneficiaries will receive two payments on the 18th and 25th. These payments cover retirees, survivors, and disabled workers who have met the required eligibility criteria.
Retired workers must have reached full retirement age and earned enough Social Security credits to qualify. Disabled workers need to provide medical documentation proving their disability and inability to work. In both cases, payroll taxes must have been paid during their working years to be eligible.
In addition to payments for retired workers and those receiving disability benefits, the Social Security Administration also provides payments to survivors of deceased workers. The exact amount survivors receive will depend on the deceased worker’s Social Security contributions and the number of dependents. This means that survivors with two children, for example, may receive as much as $3,653 per month.
Survivor Benefits
| Number of Children | Monthly Payment |
|---|---|
| Individual | $1,773 |
| Two Children | $3,653 |
Process
Applying for Social Security benefits can be a complicated process, especially when it comes to knowing which documents to provide and when you’ll be eligible for benefits. For that reason, it’s often a good idea to consult a financial advisor or Social Security expert to help you navigate your specific situation.
Whether you’re retiring soon or dealing with a disability, knowing these Social Security benefits and how to maximize them is essential to ensuring financial stability. Keep in mind that early planning can make a significant difference in your monthly payments and overall financial well-being.
FAQs
When will the Social Security payments be issued?
Payments will be issued on September 18th and 25th.
How many credits are needed to qualify for retirement benefits?
You need 40 lifetime credits to qualify.
Can disabled workers qualify for both SSDI and SSI?
Yes, if their income is low enough, they may qualify for both.
What is the average SSDI payment amount?
The average SSDI payment is about $1,537 per month.
How much can survivors with two children receive?
Survivors with two children can receive up to $3,653 per month.
