The Social Security Administration (SSA) will soon distribute retirement payments for eligible beneficiaries aged 62 to 70 in the United States.
Payments are scheduled based on the recipient’s birthdate and other qualifying factors. Here’s what to expect for the remainder of August and September 2024.
Social Security Payments For 62-70 Year-Olds 2024
The next round of Social Security payments for retirement beneficiaries will be delivered on August 28, 2024. However, only recipients who meet the following criteria are eligible:
- Birthdate Requirement: You must be born between the 21st and 31st of any month.
- SSI and Early Retirement Exclusion: You must not be receiving Supplemental Security Income (SSI) and must have started receiving Social Security retirement benefits after May 1997.
Payment Amounts for August 28
The amount each retiree receives varies based on several factors:
- Age at Retirement: The older you are when you start collecting benefits (up to age 70), the higher your monthly payment.
- Earnings History: Your lifetime earnings and how much you paid in Social Security taxes directly influence your benefit amount.
- Work History: Working for 35 years or more and earning the maximum taxable income increases your payout.
For example:
- At age 70, a retiree who maximized earnings and paid payroll taxes over 35 years could receive up to $4,873.
- At age 62, the maximum payout could be $2,710.
- At full retirement age (66 years and 8 months), the maximum could be $3,822.
Social Security Payments for September 2024
The maximum payment amounts for September remain consistent with August, though the average payment is slightly higher. The average retirement benefit in September 2024 is estimated to be around $1,919, an increase from the $1,908 average in January 2024.
September Payment Schedule
- September 3: For those receiving both SSI and retirement benefits or who began receiving Social Security before May 1997.
- September 11: For those not eligible for September 3 payments and whose birthday falls between the 1st and 10th.
- September 18: For those with birthdays between the 11th and 20th.
- September 25: For those with birthdays between the 21st and 31st.
Rescheduled SSI Payment for September
The SSI payment originally scheduled for September 1 has been moved to August 30, as September 1 falls on a Sunday.
The SSA typically reschedules payments to the preceding business day when a payment date coincides with a weekend or federal holiday.
Key Considerations for Social Security Recipients
- Maximizing Your Benefits: Your benefit amount depends on the age you start claiming, your work and earnings history, and how long you delay retirement benefits.
- Payment Date Awareness: Being mindful of the payment schedule helps you plan your finances more effectively, ensuring you receive funds when expected.
- Understanding Eligibility: The timing of your retirement application, your birthdate, and whether you receive SSI can impact when you get your payments.
Staying informed about your payment schedule and benefit details is crucial for managing your retirement income effectively.
FAQs
Who will receive Social Security payments on August 28, 2024?
Those born between the 21st and 31st of any month who started receiving retirement benefits after May 1997.
What is the maximum retirement payment for September 2024?
The maximum payment remains $4,873 for those who delayed benefits until age 70 and had high lifetime earnings.
When is the next SSI payment date?
The next SSI payment is scheduled for August 30, 2024, instead of September 1 due to the weekend.
How does my birthdate affect my payment schedule?
Your birthdate determines which Wednesday you receive your payment, with payments spread across the month based on birthdate ranges.
Can my payment amount change from month to month?
The amount typically remains consistent, but yearly cost-of-living adjustments (COLA) may cause changes.
