Two Groups of Retirees Will Miss Social Security on the Next Two Paydays – Check Their Upcoming Payment Dates

Navigating Social Security payments can be a bit tricky, especially when trying to figure out when you’ll receive your money and how much you’re eligible for. If you’ve already received payments from the Social Security Administration (SSA) on certain dates in August, you might wonder what to expect next. Here’s a breakdown of the payment schedule and what retirees and Social Security Disability Insurance (SSDI) recipients can anticipate in September.

No Double Payments in August

If you received a Social Security payment on August 2, you will not be getting another one on August 21 or 28. Similarly, those who received their payment on August 14 are also not eligible for another payment in August. Essentially, the SSA ensures that retirees do not receive multiple payments within the same month unless specifically scheduled, which avoids any confusion regarding monthly benefits.

September Payment Dates

For those who qualified for payments on August 2, your next scheduled payment will be on September 3. This date applies to individuals who started receiving Social Security benefits before May 1997. Additionally, those who receive both Social Security retirement benefits and Supplemental Security Income (SSI) are also scheduled for a September 3 payment.

Later Recipients

If your Social Security benefits began after April 30, 1997, and your birthdate falls between the 1st and the 10th of any month, you’re scheduled to receive your next payment on September 11, 2024. This specific date applies to both retirees and SSDI recipients.

Payment Amounts

The maximum amount a retiree can receive in 2024 depends largely on when they chose to start collecting benefits. Here’s a breakdown:

• Filing at Age 70: If you delayed your retirement until age 70, worked for 35 years, and earned the maximum taxable income each year, you could receive up to $4,873 per month.
• Filing at Full Retirement Age (FRA): If you started collecting benefits at your FRA, which is typically around 66 or 67, the maximum monthly payment you can receive is $3,822.
• Filing Early at Age 62: If you opted to start collecting benefits as soon as you were eligible at age 62, the maximum monthly payment is reduced to $2,710.

Average Payments

While the maximum benefits sound impressive, it’s important to note that most retirees receive less. As of June 2024, the average retirement benefit is about $1,918 per month. This average provides a more realistic expectation for most Social Security recipients.

SSDI Payments

The payment schedule for SSDI recipients follows the same timeline as retirees. The maximum SSDI payment is also $3,822, similar to the maximum for those filing at Full Retirement Age. However, the average SSDI payment is typically lower, around $1,537 per month.

Knowing these payment schedules and amounts helps you plan better, ensuring you know when to expect your Social Security income and how much you might receive. Whether you’re a retiree or an SSDI recipient, being aware of these details can make managing your finances a bit easier.

FAQs