The Social Security Administration (SSA) is about to disburse the next round of payments. Many retirees are anticipating their paychecks to cover necessary expenses. However, some retirees will not receive their paycheck in the next batch of payment. Knowing why some retirees will not receive their payment can help manage expectations and plan accordingly.Â
Two groups of Retirees that will not receive their social security check by August 21
The Social Security Administration (SSA) ensures that retirees do not receive more than one paycheck in the same month. That means that retirees who received their social security payment on August 2, the first group, will not receive any additional paycheck on August 21 or 28. Also, the second group, retirees who got their paycheck on August 14 will not be qualified for any more payment on August 21 or 28. This is necessary to ensure that the payment process is streamlined to avoid any confusion with regards to the disbursement of the monthly benefits. More on retirees who will receive their monthly payment by August 21.
September social security payment Dates for beneficiaries
Some retirees are slated to receive their payment this September. However, this is largely dependent on when they received their previous paycheck and when they started receiving their monthly benefits. A breakdown of this is presented below:
- Social security payments for August 2 recipients: If you already received a payment on August 2 then you will receive your next paycheck by September 3. This date applies to individuals who began receiving social security benefits before May 1997. Also, if you receive both social security retirement benefits and the supplemental security income (SSI), your next payment is slated for September 3.
- Social security payments for August 14 Recipients: Retirees who received their paycheck on August 14 will receive their next paycheck by September 11, 2024. This date applies to retirees who started receiving their social security benefit after April 30, 1997, and whose birth dates fall between the 1st and 10thh of any month. This date is also applicable to those who receive both retirement benefit and Social Security Disability Insurance (SSDI) recipients.
Knowing when to expect your payment is important so you don’t miss out on your payment dates. However, if you do miss out, you will have to wait until september.
How much can retirees receive from social security
The amount retirees can receive from social security varies widely depending on when you started collecting your paycheck. Here is a breakdown on how it works:
- Maximum monthly payment amounts:
Filing at Age 70: If you delayed your retirement until age 70 and worked for at least 35 years while earning the maximum taxable income, you are eligible to receive up to $4,873 per month in 2024.
Filing at Full Retirement Age (FRA): If you started collecting benefits at your FRA, that is around age 66 or 67, then the maximum monthly payment you can receive is $3,822.
Filing Early at Age 62: If you began collecting benefits at the earliest eligible age of 62, the maximum paycheck you can receive every month is reduced to $2,710.
- Average Payments: The maximum payment amount for each month is high. However, most retirees receive less. As of June 2024, the average retirement benefit received by retirees is approximately $1,918 per month. This average retirement benefit provides a more realistic expectation for retirees who receive these benefits.
- SSDI Payments: The SSDI paycheck schedule is the same with that of retirees. The maximum SSDI monthly payment is $3,822, similar to the maximum monthly payment for those filing at Full Retirement Age. Generally, the average SSDI payment beneficiaries can receive is around $1,537 per month.
Here is a PDF provided by the SSA to learn more about your retirement benefits.
