Today’s Social Security Payment Features a Surprise – Check Your Passport for a Higher Payout

Social Security beneficiaries should be aware of recent changes that could impact their payment schedules and potentially increase their benefit amounts this September. These changes come as discussions about the sustainability of the Social Security program continue, highlighting the importance of knowing how these updates may affect your monthly checks and overall budget.

Payment Schedule

This month, the Social Security Administration (SSA) adjusted the payment dates due to the first day of September falling on a Sunday. Here’s how the changes affect different groups:

Early Payments

1. SSI Recipients and Pre-May 1997 Beneficiaries: For beneficiaries who began receiving benefits before May 1997, or those who receive Supplemental Security Income (SSI), the usual payment date of September 1 has been moved to August 30, 2024. This adjustment ensures that beneficiaries have sufficient funds to meet their needs on time. The SSA clarified that this payment is not a duplicate but an advance to prevent delays.
2. Other Social Security Retirement Beneficiaries: The payment schedule for other Social Security retirement beneficiaries depends on their birth date:
   • Born between the 1st and 10th of September: Payments are made on September 11, 2024.
   • Born between the 11th and 20th of September: Payments are made on September 18, 2024.
   • Born between the 21st and 31st of September: Payments are made on September 25, 2024.

These dates may vary if they fall on weekends or holidays, so it’s essential for beneficiaries to stay updated on their specific schedules.

Larger Payments

Some retirees may notice a larger benefit amount this September. As of July 2024, the average retirement benefit stands at $1,919, but this can vary depending on factors like work history and age. Here are some key factors influencing larger Social Security checks:

• Work History: Retirees who worked for at least 35 years and earned a taxable income of $54,000 or more annually could see higher benefit amounts. Those who delay claiming benefits until age 70 may receive the maximum amount, which could be as high as $4,873 per month.
• Cost of Living Adjustment (COLA): A COLA increase is anticipated for January 2025, potentially leading to higher monthly payments. Early estimates suggest a COLA of 2.6%, with the official adjustment to be announced in October 2024. This adjustment is crucial to help beneficiaries maintain purchasing power amid rising costs due to inflation.

Benefits

It is possible for individuals to receive both retirement benefits and Supplemental Security Income (SSI), which can help boost their overall income:

• Federal SSI Payments: The current federal SSI payment is $973 per month for a single individual and $1,415 per month for a married couple. These payments are usually made at the start of each month; for September 2024, the payment will be made on August 30, 2024.
• Receiving Both Benefits: Beneficiaries who qualify for both SSI and retirement benefits will receive the SSI payment on August 30 and their retirement benefit on September 3, 2024. Some states may also provide additional supplements that can increase the federal benefit amount.

Impact

The adjustments in the Social Security payment schedule aim to ensure timely and efficient delivery of benefits, regardless of calendar conflicts. Here’s what beneficiaries need to keep in mind:

• Early Deposits: Some beneficiaries will receive early payments due to the rescheduling. It’s important to note these changes to avoid confusion.
• Check Your Due Dates: Make sure to verify your expected payment dates and amounts to stay on top of any changes.
• Contact SSA for Delays: If your payment has not arrived after three business days from the expected date, contact the SSA. Delays may occur due to processing issues or mailing delays.

Looking Ahead

As the year transitions into 2025, further changes could come into effect, including potential COLA adjustments that may enhance the financial assistance provided to Social Security beneficiaries. Staying informed of these updates will help you plan and manage your finances effectively.

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