This week, millions of people who receive Social Security will get their second payment for September with some persons qualifying for as much as $4,873. The Social Security Administration (SSA) pays out these funds in phases based on a beneficiary’s birth date and the different types of benefits they have gotten.
How Social Security Payments Are Scheduled
The SSA disburses payments to approximately 70 million citizens, comprising retirees and their families, as well as those in receipt of disability pay-outs. Birth dates determine when the payment is made.
In terms of payment cycles, the first one for September was disbursed late August as September 1 fell on a weekend. This initial payment round was predominantly for recipients of Supplemental Security Income (SSI). Retired people receiving both SSI and social security checks had their retirement allowance delivered on September 3.
However, the second wave of payments for individuals born from the first to the tenth day of any month will be credited into their accounts on Wednesday, September 11th. Those born between 11th – 20th will have theirs by September 18th while those whose birthdays range from twenty first to thirty first day shall expect theirs on September 25th.
Maximum Payment Amounts
The month’s max benefit is $4,873. But this amount is for only those who postpone their retirement and start getting benefits at 70 years old. On the contrary, any monthly payment for beneficiaries who choose to receive it earlier is lower. For instance, if you retire at the minimum age of 62, in 2024 you would get only a maximum of $2,710 as payment.
Different factors affect how much each person gets from the Social Security source including what they earned during their highest paid years as well as the time when they selected to retire. Payments will still be staggered throughout September for people who were born later in that month.
What to Do If Your Payment Is Late
Beneficiaries are advised by the SSA that they should expect their payments in three working days. However, if you do not receive your money after waiting, it is best to reach out to the SSA for help.
COLA Adjustment Expected
In view of the upcoming Cost of Living Adjustment (COLA) announcement which will come in the early days of October, numerous beneficiaries are eager to receive their payments. The yearly adjustment aims to ensure that social security benefits remain in sync with inflation so that recipients do not lose purchasing power as prices increase.
Beneficiaries in the year 2024 witnessed a 3.2 percent rise in their monthly payments resulting from an 8.7 percent historical increase recorded in 2023 owing to severe inflation caused by the coronavirus pandemic. On the contrary, predictions for 2025 show a modest boost of about 2.6 percent for COLA. A projected lower increase represents a falling rate of inflation; however, high costs for basic items are still painful for elderly people.
