Social Security payments – Up to $4,873 will be issued on September 11

September 2024 is a crucial month for retirees in the United States, especially those who rely on Social Security benefits to support their daily living expenses. For retirees who didn’t qualify for the first round of payments on September 3, a second round of direct deposits is scheduled to start on September 11. This round offers the opportunity for some retirees to receive up to $4,873.

Payments

The Social Security Administration (SSA) will begin disbursing the second round of Wednesday payments on September 11, 2024. This payment is specifically for retirees who do not qualify for the earlier disbursement on September 3. To be eligible for this payment, you must meet the birthday requirement. Specifically, retirees born between the 1st and 10th of any month will receive their payment on September 11. Those born after the 10th but before the 21st will receive their payment a week later on September 18, while those born between the 21st and 31st will receive theirs on September 25.

Amounts

While the average Social Security payment for retirees is $1,919 as of August 2024, some retirees may qualify for significantly higher amounts. The maximum benefit you can receive depends on the age at which you filed for benefits and your earnings history. Here’s a breakdown of the maximum payments:

• At Full Retirement Age (FRA): Retirees who filed at their full retirement age can receive a maximum payment of $3,822. Full retirement age typically ranges from 66 to 67, depending on your birth year.
• At Age 62: Retirees who opted to start receiving benefits at the earliest possible age of 62 will have a maximum payment of $2,710. However, it’s important to note that starting benefits early reduces the monthly amount compared to waiting until full retirement age.
• At Age 70: Retirees who delayed their benefits until age 70 can receive the highest possible payment, up to $4,873 per month. Delaying benefits until age 70 allows you to maximize your monthly income, thanks to delayed retirement credits.

Benefits

It’s essential to know that not many retirees receive the maximum Social Security benefit. To be eligible for the highest payment of $4,873, you would need to have worked for at least 35 years, consistently earned at or above the Social Security contribution and benefit base, and paid the appropriate taxes. The contribution and benefit base is the maximum amount of income subject to Social Security taxes each year, and it adjusts annually based on national wage trends.

Maximum Payments

While the maximum payments are attractive, most retirees will receive an amount closer to the average benefit of $1,919. If your retirement payment is significantly lower than this average, and your income falls below certain thresholds, you might be eligible for Supplemental Security Income (SSI). SSI is a federal program that provides additional financial assistance to those with limited income and resources.

SSI Benefits

For those who qualify, the next SSI payment will be delivered on October 1, 2024. The maximum SSI benefit for an individual is $943, which can help supplement lower Social Security payments. SSI is designed to assist those with minimal financial resources, ensuring that they have a basic level of income to cover essential needs.

September 2024 marks an important time for retirees awaiting their Social Security payments. Whether you’re expecting a modest average payment or aiming for the maximum benefit, knowing when and how much to expect can help you manage your finances better. If you’re unsure about your eligibility or how much you’ll receive, it’s always a good idea to contact the SSA for personalized information.

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