When are the largest Social Security payments due in September – What is the schedule?

September brings a new round of Social Security payments for millions of retirees and Supplemental Security Income (SSI) recipients across the United States. While payment dates may remain the same, the amounts received by beneficiaries can vary significantly depending on several key factors, such as the age at which they filed for benefits, their work history, and their earnings record.

Payment Schedule

The Social Security Administration (SSA) has scheduled multiple payment dates throughout September, each catering to different groups of beneficiaries:

1. September 3

The first payment date of the month, September 3, 2024, applies to retirees who began receiving benefits before May 1997 and those receiving SSI benefits. This date is critical for those who qualify for the largest payments, provided they meet the necessary criteria. Beneficiaries receiving payments on September 3 do not qualify for the remaining payments later in the month.

2. September 11

The next payday is September 11, 2024. This date is designated for retirees whose birth dates fall between the 1st and 10th of any month. Eligible beneficiaries who meet all SSA requirements can receive one of the largest Social Security checks or direct deposits on this day.

3. September 18

The second round of payments will be issued on September 18, 2024, for beneficiaries with birthdays between the 11th and 20th of any month.

4. September 25

The last payment date for the month is September 25, 2024. This date applies to retirees whose birthdays fall after the 20th of any month.

Eligibility

While all eligible beneficiaries will receive payments on their scheduled date, not everyone will qualify for the maximum amount. Here are the key requirements for receiving the largest Social Security payments:

1. Filed at Age 70

To receive the maximum benefit, retirees must have waited until the age of 70 to file for Social Security. Delaying benefits beyond the Full Retirement Age (FRA) increases the benefit amount by approximately 8% per year until age 70.

2. Worked for at Least 35 Years

Retirees must have worked for a minimum of 35 years. The SSA calculates Social Security benefits based on the 35 highest-earning years of a beneficiary’s career. Those who worked fewer than 35 years will have zeros averaged into their calculation, reducing their overall benefit amount.

3. Earned the Taxable Maximum for 35 Years

To qualify for the highest possible payment, retirees must have earned the taxable maximum for Social Security purposes for at least 35 years. This amount changes annually; in 2024, the maximum taxable income for Social Security is $160,200.

4. Held Jobs Covered by SSA

All the jobs held by the retiree must have been covered by the Social Security Administration. If a beneficiary had jobs not covered by Social Security (such as certain government positions), their benefits might be reduced under the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO).

Amounts

Here are the maximum Social Security benefit amounts for retirees in September 2024 based on the age at which they filed:

Beneficiaries who meet all the criteria, including filing at age 70, working for at least 35 years, earning the taxable maximum, and holding jobs covered by the SSA, can receive up to $4,873 in September 2024. However, those who meet nearly all these requirements but file at age 62 may receive a reduced amount of up to $2,710.

Beneficiaries

1. Check Your Payment Date: Ensure you know your specific payment date based on your birth date and the SSA’s schedule. Payment dates in September include September 3, 11, 18, and 25.
2. Know Your Eligibility: Know the factors that determine your Social Security benefit amount, including your age at filing, work history, and earnings record.
3. Expect Varying Amounts: Even with the same payment date, your benefit amount may differ from others depending on your unique circumstances.

By staying informed and knowing the factors that influence Social Security benefits, you can better plan and manage your retirement income.

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