Upcoming Payments – Retirees and SSDI Recipients to Receive $3,822 Within 24 Hours or in 8 Days

On September 18, 2024, retirees and Social Security Disability Insurance (SSDI) recipients in the United States will receive a new payment from the Social Security Administration (SSA). This payment could be a significant one for some, with a few high earners qualifying for up to $3,822 per month. However, this maximum benefit only applies to specific groups of people, and most will receive less.

Here’s everything you need to know about the upcoming payments and how you can find out if you qualify.

Payment Schedule

The SSA has a specific schedule for payments, ensuring that recipients get their money on the right date each month. Here’s how it works:

• Retirees and SSDI recipients who were born between the 11th and 20th of the month will get their payment on September 18.
• Those born from the 21st to the 31st will receive their payment one week later, on September 25.

This structure helps the SSA distribute funds effectively without overwhelming their system.

Maximum Payment

The maximum Social Security payment for SSDI recipients and retirees can reach $3,822 in 2024, but only a small percentage of people will receive this amount. It’s reserved for those who meet very specific criteria.

High Earners

To qualify for the maximum payment, you must have been a high earner throughout your working life. This means:

• You earned the taxable maximum for at least 35 years of your career.
• The taxable maximum in 2024 is $168,600, and this amount changes each year as the Cost-of-Living Adjustment (COLA) increases.

If you did not meet this earnings threshold for the required number of years, you will not qualify for the maximum benefit. Only those who earned consistently at or near the taxable maximum, filed for Social Security benefits at their Full Retirement Age, and worked jobs covered by Social Security qualify for this top-tier benefit.

Eligibility Requirements

Besides being a high earner, you need to meet a few other criteria to qualify for payments:

1. Applied for Social Security after April 30, 1997.
2. Not receiving Supplemental Security Income (SSI).
3. Born within the eligible birthdate ranges mentioned earlier.

If these conditions are met, you will likely receive your payment on the designated date.

SSDI vs. Retirement Benefits

While the maximum SSDI benefit for 2024 is $3,822, the maximum payment for retirees can be even higher. Retirees who qualify have the opportunity to receive more depending on their work history and the age at which they filed for benefits. SSDI recipients, on the other hand, are capped at this amount in 2024, regardless of their work history.

If You Don’t Qualify

Most people will not qualify for the maximum Social Security benefit. To get close to that amount, you would have needed to earn at the top end of the income scale for decades. For most recipients, the monthly payments will be less, with the exact amount depending on your Average Indexed Monthly Earnings (AIME) and the age at which you started receiving benefits.

Upcoming COLA Adjustments

While payment amounts are fixed through the end of 2024, new adjustments are coming in January 2025. These adjustments, based on the COLA, will increase benefits for everyone to account for inflation. COLA ensures that Social Security benefits keep pace with rising living costs, offering retirees and SSDI recipients additional financial relief.

Your Payment Status

Wondering if you’ll receive your payment on September 18 or September 25? You can check your eligibility and payment schedule by logging into your My Social Security account online or by contacting the SSA directly.

Additionally, if you meet all the conditions for receiving SSDI or retirement payments, your payment will be processed automatically without the need for further action on your part.

These payments can offer a crucial source of income, especially for individuals relying heavily on Social Security for day-to-day expenses. Whether you’re a retiree or on SSDI, these upcoming payments can help provide some financial security for the months ahead.

FAQs