Retirees Whose Social Security Benefits Began Before This Date – Ineligible for the Next 3 Payments in September

September brings three important Social Security payments for retirees. If you are a Social Security recipient, your eligibility and payment schedule depend on factors such as your birthday and the date you began receiving benefits. Here’s a guide to help you know if you qualify for one of these upcoming payments and what to expect.

Eligibility

Not all retirees are eligible for the upcoming September payments. Specifically, if you began receiving Social Security retirement benefits before May 1997, you will not receive any of the three monthly payments scheduled for September. Additionally, if you receive Supplemental Security Income (SSI) along with your retirement benefits, you also do not qualify for these September payments.

For retirees who began collecting Social Security after April 30, 1997, the next payment will arrive depending on your birthday. Your payment date is determined by which Wednesday of the month corresponds with your birth date.

Payment Schedule

The Social Security payment schedule in September is as follows:

These payments will be sent to your bank account on the respective Wednesday based on your birth date. However, if you began receiving benefits before May 1997, you’ll receive your next payment on October 3, 2024.

Additionally, if your benefits are scheduled for November, there will be changes, and you may receive that payment earlier than usual.

Direct Deposit

For September, the average retirement benefit is approximately $1,919, according to the Social Security Administration’s update from August 2024. While this average may not fluctuate much, high earners can receive more. If you’ve consistently earned at or near the taxable maximum for 35 years, delayed filing until age 70, and worked jobs covered by Social Security, you could receive up to $4,873.

For many retirees, the payment received is based on their earnings history, work longevity, and the age at which they started collecting Social Security. However, average benefits generally remain stable over time, with only small adjustments each year based on cost-of-living adjustments (COLA).

SSI for Low-Income Seniors

If you’re a low-income senior, you may also be eligible for Supplemental Security Income (SSI). SSI payments are typically made at the start of the month, and for October 2024, the maximum SSI payment is up to $943. These payments help cover basic living expenses for seniors with little to no other income.

Unlike Social Security retirement benefits, which are based on your work history, SSI is a needs-based program designed to assist those with low income and minimal resources.

Key Factors

Several factors affect how much you receive from Social Security. These include:

1. Earnings History: Your lifetime earnings are the primary factor determining your Social Security benefit amount.
2. Retirement Age: If you delayed filing for benefits until age 70, you receive a higher monthly payment compared to filing at age 62 or full retirement age.
3. Work Duration: The length of your work history also influences your payment, with 35 years of earnings providing the best outcome.
4. Other Income: Receiving additional income, such as SSI, can lower your Social Security benefits.

Addressing these factors can help you manage expectations about how much you will receive in benefits and when they will arrive.

Even if your retirement benefits seem low, programs like SSI can provide additional support. Be sure to check if you qualify for these supplemental benefits, especially if you’re experiencing financial hardship.

In conclusion, September 2024 will bring three Social Security payments for eligible retirees, with amounts averaging $1,919. If you’re unsure about your payment schedule or think you might qualify for SSI, now is the time to review your financial situation and plan accordingly.

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