If you are retired and were born after the 20th, the Social Security Administration has scheduled your payment date for September on this date
Some retirees have gotten their Social Security benefit on September 3, 2024, but others will have to wait a little longer. This is the case for those seniors who do not qualify to get both retirement and Social Security benefits at the same time. This group, not being able to combine both payments, will see the deposit of their money delayed.
This is not the only case, as beneficiaries who began collecting Social Security after April 30, 1997 are also in this situation. These retirees will have to wait a little longer, in contrast to those who get their benefits on the 3rd of each month. Adjustments in payment schedules may create uncertainty, but it is a fact that some retirees are subject to different schedules depending on their particular circumstances.
Retirees who are not eligible for Social Security to collect on September 3
If you are not eligible to get a Social Security payment on the 3rd of the month, and you were born after the 20th, you will be part of the last group to get benefits in September. In this case, the next payment will arrive on September 25, 2024. This is good news, as you will get the money three days earlier compared to August, when the deposit was scheduled for the 28th.
This schedule applies specifically to people born between the 21st and 31st of any month. In addition, it is important to note certain eligibility criteria. In order to get this payment, you must not be receiving Supplemental Security Income (SSI) benefits. Also, it is essential that you did not start getting Social Security benefits before May 1997, as that would affect your payment date.
It is essential that you have filed an application and that it has been approved by the Social Security Administration (SSA). Those who do not meet the standards set by the SSA will not be eligible to get this help. Making sure to follow SSA guidelines and keeping all documentation in order is key to ensuring that payments arrive on schedule.
Can retirees who get Social Security on September 25 get an average payment?
The amount of the Social Security retirement benefit varies considerably depending on work history, earnings and statements made during one’s working life. Some retirees may get an average benefit of about $1,919 per month, while others may receive much less or, in exceptional cases, considerably more. This disparity reflects the diversity of circumstances in which beneficiaries find themselves, depending on the length and earnings of their careers.
In September, Social Security’s highest retirement benefit will reach $4,873 per month, but only for those who meet certain strict requirements. To reach that maximum figure, it is necessary to have contributed and gotten a salary covered by the Administration for at least 35 years, in addition to having delayed claiming benefits until age 70. This type of financial planning and extended work under SSA coverage ensures higher compensation in retirement, but is not common for all retirees.
For those retiring at age 62 in 2024, the maximum benefit will be $2,710 per month, while those waiting until full retirement age can get up to $3,822. Retirees awaiting the 2025 cost-of-living adjustment (COLA) should be aware that this increase will not kick in until January of that year. The latest projection from the Senior Citizens League puts the increase at about 2.57%, reflecting a modest increase compared to previous years, influenced by inflation rates.
