Social Security recipients can expect their retirement benefit payments in late September, with many receiving around $1,919. However, the exact payment date depends on your birthdate and other factors.
This article outlines the payment schedule, eligibility criteria, and what to expect if you are set to receive your benefits this month.
Payment Schedule for September 2024
The Social Security Administration (SSA) has set the following dates for retirement benefit payments in September 2024:
- September 11, 2024: For retirees born between the 1st and 10th of any month.
- September 18, 2024: For retirees born between the 11th and 20th.
- September 25, 2024: For retirees born between the 21st and the end of the month.
If your birthday falls in the last 10 days of any month, you will receive your payment on September 25, 2024. These payments will be directly deposited into your bank account, so there’s no need to worry about physical checks being delayed.
How to Know If You Qualify for the September 25 Payment
Not all Social Security recipients will receive their payments on September 25. To qualify for this specific payment date, you must meet the following conditions:
- Not receiving Supplemental Security Income (SSI): If you’re only receiving SSI, you are not eligible for the retirement benefit payment on September 25.
- Started receiving Social Security after April 30, 1997: If you began receiving Social Security retirement benefits after this date, you are part of the standard payment schedule based on your birthdate.
- Birthdate between the 21st and 31st: If your birthday falls in the last 10 or 11 days of any month, your payment will be issued on the fourth Wednesday, which falls on September 25 this month.
- Complied with SSA rules: You must have followed all SSA rules and filed for benefits correctly to receive your payment on time.
For those born between the 1st and 10th, the payment date will be earlier, on September 11. Similarly, retirees with birthdates from the 11th to 20th will see their payments on September 18.
How Much Will You Receive?
Not all Social Security recipients will receive the average payment of $1,919. The exact amount depends on your work history, salary, and the age at which you filed for benefits. Here’s how these factors impact your payment:
- Work history: If you worked for many years in a job covered by Social Security, especially if you earned a high salary, your benefit will be higher.
- Filing age: If you filed for Social Security at age 62, your payment will be lower than if you waited until your full retirement age (66-67) or age 70. Filing later can result in significantly higher payments.
- Contribution history: The SSA bases your benefit on your 35 highest-earning years. If you only worked for 10 years or had a low income, your benefit will be lower.
Maximum and Average Payments
- Average payment: The SSA states that the average retired worker receives around $1,919 per month.
- Maximum payment: Retirees who delayed filing until age 70 and earned a high salary for over 34 years could receive up to $4,873 in September 2024.
If you only worked for a short period or had lower earnings, your benefit will be lower than the average. Conversely, higher earners with more years of contributions to Social Security can receive considerably more.
Maximizing Your Social Security Benefits
If you are still working and want to increase your future Social Security payments, there are a few strategies you can use:
- Delay your retirement: Waiting to file for Social Security until age 70 can increase your monthly benefit significantly. For each year you delay past full retirement age, your payment increases by about 8%.
- Increase your earnings: Your Social Security benefit is calculated based on your highest-earning 35 years. If you’re still working, boosting your salary can lead to higher benefits.
- Check your Social Security record: Regularly review your earnings history to ensure all your income is accurately reported to the SSA. Mistakes can lower your future benefits.
What to Do if You Miss a Payment
If you don’t receive your payment on the expected date, the SSA recommends checking your bank account for a direct deposit or contacting them for assistance.
Ensure that all your personal details, such as your bank information, are up to date in your My Social Security account to avoid delays.
Social Security retirement payments for late September are coming, with eligible recipients born between the 21st and 31st receiving their deposits on September 25, 2024.
While the average payout is $1,919, your actual benefit depends on several factors, including your work history and the age at which you filed for benefits. To maximize your Social Security payments, consider delaying retirement and increasing your earnings while still working.
FAQs
When is the next Social Security retirement payment?
The next payments are on September 11, 18, and 25, depending on your birthdate.
How much is the average Social Security payment?
The average retirement benefit is $1,919 per month.
Who qualifies for the September 25 payment?
Recipients born between the 21st and 31st of any month, who started receiving benefits after April 30, 1997.
Can I increase my Social Security benefit?
Yes, by delaying retirement until age 70 and increasing your income, you can receive a higher benefit.
What is the maximum Social Security payment?
The maximum monthly payment in September 2024 can be up to $4,873.
