These Retirees Will Miss Their Social Security Payment – Check the Upcoming Payment Dates

If you’re a retiree relying on Social Security, it’s crucial to know the payment schedule, especially as it varies depending on when you started receiving benefits and your birth date. For August 2024, if you’ve already received your payment on the 2nd or 14th, don’t expect another payment later in the month. But let’s look ahead to when you can anticipate your next check in September.

August Payments Recap

In August 2024, the Social Security Administration (SSA) issued payments on three separate dates: the 2nd, 14th, and 21st. However, retirees who received their payments on either August 2nd or August 14th are not eligible to receive the payments scheduled for August 21st or August 28th. This schedule can be confusing, so it’s important to keep track of your specific payment dates.

September Payment Schedule

For those wondering when their next payment will arrive in September, here’s how it breaks down:

1. September 3, 2024: If you received your payment on August 2nd, your next check will be on September 3rd. This payment date applies to those who started receiving their Social Security payments before May 1997. This also includes individuals who receive both Social Security retirement benefits and Supplemental Security Income (SSI).
2. September 11, 2024: If you began receiving benefits after April 30, 1997, and your birth date falls between the 1st and 10th of the month, your next payment will be on September 11th. This date is also applicable for those who received their payment on August 14th.

Knowing this schedule ensures that you’re prepared and can manage your finances accordingly.

Average Payments

The amount you receive in Social Security benefits depends on several factors, including when you started collecting benefits, your earnings history, and how long you’ve worked in jobs covered by Social Security.

Maximum Payment Amounts

For 2024, the maximum Social Security benefit varies significantly based on the age at which you start receiving payments:

• At Age 70: The maximum monthly payment is $4,873. This is the highest amount possible, achievable if you delay claiming benefits until 70, have earned the taxable maximum during your working years, and have worked for at least 35 years in jobs covered by Social Security.
• At Full Retirement Age (FRA): For those who file at their FRA (which varies depending on your birth year, typically around 66 or 67), the maximum monthly benefit is $3,822.
• At Age 62: If you choose to start collecting benefits as early as possible, the maximum payment is reduced to $2,710 per month.

Average Payment Amounts

While the maximum benefits sound appealing, not everyone qualifies for these amounts. The average Social Security retirement benefit, as of July 2024, is $1,919.40 per month. This amount is slightly above the overall average payment for all Social Security recipients, which stands at $1,782.74.

• Retired Workers: The average monthly check for retired workers is approximately $1,917 to $1,919, reflecting a modest increase due to the 3.2% cost-of-living adjustment (COLA) for 2024.
• SSDI Recipients: For those receiving Social Security Disability Insurance (SSDI), the average payment is around $1,537 per month, with a maximum possible payment of $3,822.

Managing your Social Security benefits effectively requires an knowing of the payment schedule and the factors influencing the amount you receive. With payments varying based on your personal circumstances, staying informed is key to ensuring financial stability.

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