With the start of September comes exciting news for millions of retirees across the United States. The SSA is set to disburse payments, with a new average of $1,919 for eligible retirees. This standard monthly allowance is essential to many retirees as they do not have any other source of income to support them. If you meet the requirements, that payment could come as early as a few days from now. These are the things that you should know about the subsequent payments.
Two major categories of retirees were paid the new Social Security payment as soon as September 3, 2024. The first group is of retirement age and is already drawn from the Social Security retirement benefits and the Supplemental Security Income (SSI). If you are in this category, you will receive your payment on the 3rd of the month.
The second group comprises retired people who received their Social Security benefits before May 1997. You are eligible for this early payment if you began claiming benefits over 27 years ago. The SSA has developed this system to guarantee that the initial recipients of their payments are long-term beneficiaries, especially those who receive both benefits.
Understanding how much you will receive: are you getting the average or more?
The average amount paid to Social Security retirees in September 2024 is $1,919. This amount is an average, so you may receive more or less depending on the situation that you are in. When you apply, what age you are, your employment history, and how many credits you earned through your lifetime are some of the determinants of your benefits.
It is standard for many retirees to ponder how one can claim more Social Security benefits than the other, especially when the latter is much higher. If possible, postponing the filing point to the age of 70 will significantly increase the amount of monthly checks. The SSA pays those who wait with higher monthly benefits, which can reach $4,873.
Furthermore, working for at least 35 years ensures that benefit calculation is based on the highest earning years. If you contribute for under 35 years, the remaining years will be considered zero, reducing the total amount of money you will be paid. Finally, contributing to Social Security through taxes is essential throughout your work life. Social Security recipients will benefit the most from the proposed changes, especially those who earn more than $110,000 a year.
Missed the September 3rd payment? Find out when your payment is scheduled
If you have not been paid in one of the groups mentioned above that received payments on September 3, don’t panic; other payment dates are monthly. The SSA has a payment schedule based on birthdays so that individual payments are not delayed. Here’s the breakdown:
- September 11: Retirees born between the 1st and 10th of any month
- September 18: Retirees born between the 11th and 20th
- September 25: Retirees born between the 21st and 31st
This schedule is for retired people and Social Security Disability Insurance (SSDI) beneficiaries. SSDI beneficiaries get a little less, averaging about $1538 as of July 2024. Still, the payment structure guarantees that everyone gets their money before the end of the month.
Can you qualify for extra support from SSI? Find out if you’re eligible for more
The SSI program provides extra funds to low-wage earning retirees or retirees who could not retire early and apply for Social Security. SSI payments are up to $973 for the individual and $1,415 for married couples. This program aims to ensure that low-income people can afford the basic needs they require, making this program extremely important for many retired people.
These two programs provide supplemental funds to the recipients, helping them to meet their basic needs, such as housing, food, and medical expenses. One should review his/her eligibility for SSI if eligible for this program since it can help a lot.
What to do if your September payment is delayed: follow these steps to resolve issues
Although the SSA does everything possible to ensure payments are made on time, sometimes this is impossible and can be due to a delay in the bank transfer or mail services. If you are waiting for a payment on September 3 and do not find it in your bank account or mailbox, the SSA advises you to wait for at least three mailing days before reporting the payment as missing. In many cases, the cause of the delay is your bank’s processing time, so it is necessary to contact your bank.
If you have not received your payment in up to three days, you can contact the SSA to enable the problem to be solved. It’s also good not to panic but to follow the correct procedures so as not to cause unnecessary strain.
