U.S. Government – Social Security Confirms $1,918 Payments for Retirees in Early September

As summer fades, many retirees in the U.S. are looking ahead to their Social Security payments for September 2024. This month will have only four designated paydays, and there’s important information to consider, especially for those receiving both Social Security and Supplemental Security Income (SSI). Let’s break down what you need to know about your upcoming payments.

Paydays

In September 2024, there are only four scheduled paydays for Social Security recipients. However, those who receive SSI will get their payments earlier than usual. The SSI payment for September will be sent out on August 30, 2024, a full two days before the start of the new month. This adjustment happens because the first of September falls on a weekend or holiday, prompting the Social Security Administration (SSA) to issue payments early.

If you’re someone who receives both SSI and Social Security, your SSI payment will arrive on August 30, 2024. Additionally, if you were receiving Social Security benefits before May 1997, or fall into a specific eligible category, you can expect to receive your Social Security payment on September 3, 2024.

Early Payment

To qualify for the early Social Security payment on September 3, 2024, you must meet specific criteria. Primarily, this early payment is for those who have been receiving benefits before May 1997. However, there is another group that could also receive an early payment—those who get SSI on August 30, 2024, and also qualify for Social Security.

Even if you didn’t start receiving benefits before May 1997, if you are an SSI recipient with Social Security benefits, you’re set to receive your Social Security payment on September 3. This ensures that eligible individuals are covered without any delay.

Payment Amount

The amount of Social Security you receive can vary significantly depending on various factors. As of June 2024, the average monthly payment for retirees is approximately $1,918. However, this figure can fluctuate based on your work history and how much you’ve contributed to Social Security over the years.

If you’ve been a high earner and paid payroll taxes consistently for 35 years or more, your benefit could be much higher. For some, it might be as high as $4,873, provided they delayed claiming benefits until the age of 70, worked for over 35 years, and consistently earned at the contribution and benefit base level.

For those who also receive SSI, the combined amount might be lower since SSI benefits are designed to provide a minimum income level for those who have limited resources.

Regular Paydays

For recipients who do not qualify for the early payment on September 3, 2024, Social Security checks or direct deposits will be issued on the regular paydays: September 11, 18, and 25. These dates correspond to the second, third, and fourth Wednesdays of the month, which is the standard schedule for Social Security payments.

If you’re newly retired or planning to retire soon, make sure you’ve filed for Social Security benefits. To be eligible, you need to be at least 62 years old and have earned a minimum of 40 work credits. Filing sooner rather than later ensures you’re on track to receive your benefits on time.

September 2024 brings some variations in payment dates that retirees should be aware of. Knowing the schedule and your eligibility can help you plan your finances better. Whether you receive your payment early or on the regular dates, staying informed about how Social Security payments work is crucial.

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