The Social Security Administration (SSA) continues with its specific schedule of benefit payments for all types of beneficiaries, grouping them on different dates, each one different, so that the distribution of benefits is organized and orderly.
For now, we are going to focus on the upcoming payment dates, which are August 2024, followed by September 2024. Although we are already close to the end of August, the Social Security benefits still have to be paid to two groups of beneficiaries, as you can see below:
- August 2: Payment of Supplemental Security Income (SSI).
- August 14: Payment for those born between 1 and 10.
- August 21: Payment for those born between the 11th and the 20th.
- August 28: Payment for those born between the 21st and the 31st.
- August 31: Advance payment of September SSI, since September 1 is a holiday.
The year has not yet ended, and there are still a few months left to receive payments, both for Social Security retirees and beneficiaries of Supplemental Security Income (known as SSI) and Social Security Disability Insurance (known as SSDI).
In September 2024, the payment dates are as shown below:
- September 1: Holiday, therefore no scheduled payments. The payment was already sent on August 31, that is, one day before.
- September 11: Payment for those born between 1 and 10.
- September 18: Payment for those born between the 11th and the 20th.
- September 25: Payment for those born between the 21st and the 31st.
Reasons why the SSA does not pay on holidays or weekends
The SSA avoids making benefit payments on holidays or weekends because banks and other financial institutions are closed.
This could cause delays in processing payments and making funds available to beneficiaries. To ensure that beneficiaries receive their payments on time and without complications, SSA advances payments to previous business days if the scheduled date falls on a holiday or weekend.
The SSA also recommends that Social Security beneficiaries wait up to 3 business days, in order to determine if the money is stuck in the middle of administrative delays in your bank, or something related.
Increase in Social Security Benefits in 2024 and its Impact on the Maximum Limit
In 2024, Social Security benefits experienced an increase of 3.2%, which directly influences the maximum limit of benefits that retired workers can receive. This adjustment is intended to compensate for inflation and ensure that beneficiaries maintain their purchasing power.
The estimated average benefit for retired workers in 2024 is $1,907 per month. However, the maximum benefit amount can be considerably higher, depending on the age at which the beneficiary decides to retire. Below is the maximum monthly benefit according to retirement age in 2024:
- Age 62: $2,710
- Age 65: $3,426
- Age 66: $3,652
- Age 67: $3,911
- Age 70: $4,873
What is the Full Retirement Age?
Full retirement age is the time when a beneficiary can claim 100% of their Social Security benefits. This age varies depending on the year of birth of the individual:
- Born between January 2, 1943 and January 1, 1954: Full retirement age at 66 years.
- Born between January 2, 1954 and January 1, 1960: The full retirement age gradually increases in two-month increments each year.
- Born on or after January 2, 1960: Full retirement age at 67 years.