Social security beneficiaries have continued to experience changes, especially in their payment periods, and possibly an addition to their benefit amounts this September. Social Security beneficiaries should expect the next round of monthly payments from SSA, which has implemented some vital changes that may alter the amount and date of their check.
All of these changes happen at a time when stakeholders keep discussing the sustainability of the Social Security program and its capacity to sustain benefits that respond to the current quality of life. The point of such updates is to give the recipients a general idea of the organization’s financial situation so that they can better distribute their budgets.
Payment schedule changes this September: Here’s how your birth date determines your payout timing
The SSA has declared it has changed the payment dates in September because the first day of the month is Sunday. Specifically, for beneficiaries who began receiving benefits before May 1997 or those who receive SSI payments, the payment that is usually processed on September 1 will instead be made on August 30, 2024.
This adjustment is necessary to avoid cases where some beneficiaries may reach their due dates without sufficient funds to cater to their needs. The SSA clarified that the advance mentioned above payment is not a duplicate and should not be classified as such. For other Social Security retirement beneficiaries, the standard schedule, depending on their birth dates, still applies.
For individuals born in September, the payday would be either the 11th or the 18th of the month, depending on several factors. The people born before the middle of the month will be paid on September 23, 2009. Employees who started work from the twenty-first to the end of the month will receive their checks on September 25, 2009.
Why retirees may see larger payments: Discover the factors causing an increase in your benefits
Some retirees need to receive larger benefit amounts this September. According to social security regulators, the average retirement benefit as of July 2024 stands at $1,919, although the exact varying payment depends on factors, including work record and age.
Growing one’s Social Security benefits requires working for at least 35 years, earning taxable income of $54,000 or more annually, and claiming benefits at age 70; those who did everything right could collect as much as $4,873 per month. Also, there are expectations that a COLA will be implemented effective January 2025, and this may lead to higher monthly payments.
Evaluations toward the initial future indicate a potential of 2. It has risen by 6%, though the official COLA will be released only by October 2024. This adjustment is essential for enhancing the purchasing power of the beneficiaries despite the cost-push inflation factor.
Combined benefits explained: How retirement benefits and SSI could boost your income this September
Currently, the federal SSI payment intended for low-income earners is $973 monthly for a single individual and $1,415 for every married couple. It wishes to know that these payments are usually made in the first month; thus, the SSI payment for September 2024 will be made on August 30, 2024. However, it is essential to point out that one can receive both retirement benefits together with SSI.
In such cases, individuals will receive SSI payment on August 30 and their retirement benefit on September 3, 2024. The SSI program is designed to pay benefits to elderly, blind, or disabled individuals with low incomes and resources. There might also be State supplements that augment the federal benefit amount of the eligible beneficiaries in some places.
Understanding how changes in Social Security payment schedules could impact your monthly income
Therefore, with Social Security making changes to address the needs of millions of Americans, this article is helpful for consumers by raising awareness of payment schedules and modifications to benefits. The SSA’s adjustment is phased in for September 2024 to justify its capability of providing timely and efficient delivery of benefits regardless of the calendar issues encountered.
While some of the beneficiaries will receive early deposits and others will see an increase in their payment amount, all the recipients should check their due dates and expected amounts. Beneficiaries are encouraged to contact the SSA after three business days if they have not received payment.
This is because there may be instances that the payment matures in the process of being delivered to the bearer or processed. Since there may be COLA adjustments in the near future, Social Security beneficiaries may expect further enhancements in their financial assistance as the year transitions to 2025.
