As September 2024 approaches, many retirees are eagerly anticipating their Social Security payments. However, not all retirees will receive their payments at the same time.
For those born after the 20th of the month, the wait may extend until the end of September. Here’s what you need to know about your payment schedule and what factors determine when you’ll get your money.
Who Receives Payments on September 3?
Some retirees will see their Social Security retirement benefits arrive early on September 3, 2024. This group includes:
- Retirees receiving both Social Security and Supplemental Security Income (SSI): These individuals qualify for dual benefits and receive their payments at the start of the month.
- Retirees who began collecting Social Security before May 1997: These early retirees have their payment dates set at the beginning of the month.
However, if you don’t fall into one of these categories, your payment will come later in September.
Payment Schedule for Those Born After the 20th
If you were born after the 20th of the month and do not receive SSI benefits, you are in the last group of retirees to receive their Social Security payments in September. Your scheduled payment date is September 25, 2024.
While this might seem like a long wait, the good news is that this payment will arrive three days earlier than it did in August, when it was disbursed on the 28th. Here’s a summary:
- Payment Date: September 25, 2024
- Eligibility: Born between the 21st and 31st of any month, not receiving SSI, and began collecting Social Security after April 30, 1997.
- Conditions: Must have filed and been approved by the Social Security Administration (SSA); compliance with SSA rules is necessary to qualify.
Can You Expect the Average Payment on September 25?
The amount you receive in your retirement benefit payment depends on several factors, including your earnings history, how long you worked, and when you filed for benefits.
The average Social Security payment for retirees as of July 2024 is $1,919, but your payment could be higher or lower.
Factors Influencing Your Benefit Amount:
- Work and Earnings History: The more you earned during your working years, the higher your benefit will be. Those who earned the maximum taxable earnings for 35 years can qualify for the highest benefits.
- Filing Age: If you filed for Social Security at the earliest eligible age of 62 in 2024, your maximum benefit could be $2,710. Waiting until Full Retirement Age (FRA) could increase your payment up to $3,822. The highest possible benefit, $4,873, is reserved for those who waited until age 70 to file.
- Employment: Only jobs covered by the SSA are counted towards your benefit. If you’ve worked in jobs not covered by Social Security, such as some government positions, your benefits might be reduced.
What’s Next for Retirees in 2025?
Looking ahead, retirees should note that the next cost-of-living adjustment (COLA) will not be implemented until January 2025. The latest projection from the Senior Citizens League estimates a modest COLA increase of approximately 2.6%.
While this is lower than the previous year’s adjustments, it will still provide a slight boost to monthly benefits to help keep pace with inflation.
If you’re a retiree born after the 20th of the month, your Social Security payment will arrive on September 25, 2024. Although the wait might seem lengthy, understanding how your payment date and amount are determined can help you plan better.
Remember, your payment amount is influenced by your work history, earnings, and when you chose to start receiving benefits.
FAQs
When will retirees born after the 20th receive their payment?
On September 25, 2024.
What if I don’t qualify for the September 3 payment?
You’ll receive your payment on September 11, 18, or 25 based on your birth date.
Can I expect an average payment on September 25?
The average payment is $1,919, but the amount varies by individual factors.
What is the maximum Social Security benefit?
The maximum is $4,873 for those who filed at 70 with a long earnings history.
When will the 2025 COLA be applied?
The COLA increase will take effect in January 2025, projected at about 2.6%.
