The Social Security Administration (SSA) has made some updates regarding payments for retirement benefits, Supplemental Security Income (SSI), and Social Security Disability Insurance (SSDI). As of September 2024, many recipients might see slight increases in their benefits, but the changes are modest.
Let’s look into the details of what’s happening with Social Security payments and whether these changes will bring good news for retirees and those receiving SSI or SSDI.
Retirement Benefits
The average Social Security retirement payment has increased slightly for retired workers. In September 2024, retirees are receiving about $1,920 per month, up from $1,907 in January 2024 after the Cost-of-Living Adjustment (COLA).
This increase is small, but it shows that retirees are benefiting from gradual improvements. Additionally, spouses of retired workers are now receiving an average of $909 per month, while children of retirees get approximately $892.
These increases, although not substantial, are still a positive sign for retirees. Even a small raise, like the $1 difference between July and August for retirees, adds up over time.
| Benefit Type | Average Payment |
|---|---|
| Retired Workers | $1,920 |
| Spouses of Retired Workers | $909 |
| Children of Retired Workers | $892 |
SSDI Payments
Social Security Disability Insurance (SSDI) payments have seen a minor increase as well. In August 2024, the average SSDI payment was $1,539, compared to $1,489 in December 2023. While this $50 increase may seem encouraging, it’s only a slight improvement when compared to January 2024 figures, where the increase has been just $2 since then.
For SSDI beneficiaries, this means that while payments are rising, the overall increase isn’t dramatic, especially considering inflation and rising living costs. However, any boost in payments is a step forward for those relying on SSDI.
SSI Payments
Supplemental Security Income (SSI) recipients have seen a different trend. The average SSI payment is currently $698, reflecting a slight recovery from previous decreases. Earlier in 2024, SSI payments had been reduced, but recent announcements from the SSA have brought about small increases.
Unlike SSDI and retirement benefits, which depend on work credits and contributions to the SSA, SSI is aimed at low-income individuals, often those with disabilities, and is more vulnerable to fluctuations based on income and other factors.
| Benefit Type | Average Payment |
|---|---|
| SSDI (August 2024) | $1,539 |
| SSDI (December 2023) | $1,489 |
| SSI | $698 |
Payment Dates
The SSA has announced the payment dates for September and October, which can vary depending on when beneficiaries’ birthdays fall and whether they’re receiving SSI. Here are the key dates to mark on your calendar:
- September 18, 2024: SSDI and Social Security retirement for those born between the 11th and 20th, who are not on SSI or benefits before May 1997.
- September 25, 2024: SSDI and Social Security retirement for those born between the 21st and 31st, who are not on SSI or benefits before May 1997.
- October 1, 2024: SSI payment for all eligible recipients.
- October 3, 2024: Social Security retirement and SSDI payment for those on benefits before May 1997 or those receiving both SSDI and SSI.
| Payment Date | Details |
|---|---|
| September 18, 2024 | SSDI/Social Security retirement (birthdays 11-20) |
| September 25, 2024 | SSDI/Social Security retirement (birthdays 21-31) |
| October 1, 2024 | SSI payment (all eligible recipients) |
| October 3, 2024 | Social Security retirement and SSDI (on benefits before May 1997 or receiving both SSDI and SSI) |
What to Expect
Although there have been small increases in Social Security payments, the big question for beneficiaries is whether these amounts will keep up with inflation. The Cost-of-Living Adjustment (COLA) for 2024 has provided some relief, but the rising costs of housing, healthcare, and food continue to strain many retirees and people with disabilities.
The SSA will announce further adjustments for 2025 later this year, and many are hopeful for more significant increases. It’s always important to stay informed about the changes in Social Security payments to plan your finances accordingly.
Even though the increases may not feel substantial right now, the incremental changes reflect the SSA’s effort to provide support to retirees, SSI recipients, and SSDI beneficiaries. Every little bit helps, but it’s essential to keep an eye on future adjustments to ensure you’re getting the most out of your benefits.
FAQs
Will Social Security checks increase in September 2024?
Yes, slight increases have been reported for both retirees and SSDI recipients.
When is the next SSI payment date?
SSI recipients will receive their next payment on October 1, 2024.
How much do SSDI beneficiaries get on average in 2024?
The average SSDI payment is currently $1,539 as of August 2024.
Are retirees getting a raise in their payments?
Retirees have seen an increase, with the average payment now $1,920 in September.
How often does Social Security adjust payments?
Payments are adjusted annually based on the Cost-of-Living Adjustment (COLA).
