Social Security Payment Issued on September 11 – Checks Up to $4,873

As September rolls in, many retirees are eagerly awaiting their Social Security payments. For those who don’t qualify for the September 3 payment, there’s good news: the next round of payments will begin on September 11, 2024.

Whether you’re just starting to receive benefits or have been retired for years, knowing the payment schedule and how much you can expect is crucial for managing your finances. Here’s what you need to know about the upcoming payments and how to maximize your Social Security benefits.

September 11

The Social Security Administration (SSA) will begin distributing the next set of payments on September 11, 2024. This date is specifically for retirees who meet the following criteria:

• You did not qualify for the September 3 payment.
• You began receiving benefits after April 30, 1997.
• Your birthdate is on or before the 10th of any month.

If your birthday falls between the 1st and 10th, you’ll see your Social Security payment hit your bank account on September 11. However, if your birthday is between the 11th and 20th, your payment will arrive a week later, on September 18. Finally, those born between the 21st and 31st will receive their payments on September 25.

These staggered payment dates are designed to ensure that all beneficiaries receive their funds in an orderly manner. It doesn’t matter the month or year you were born—only the day of the month is relevant for determining your payment date.

Social Security Benefits

Many retirees wonder how they can maximize their Social Security benefits. The maximum payment amounts vary depending on the age at which you filed for benefits:

• At Full Retirement Age (FRA): The maximum benefit is $3,822.
• At Age 62: The maximum benefit is $2,710.
• At Age 70: The maximum benefit is $4,873.

The key to achieving the highest possible payment is to delay filing for benefits until age 70. By doing so, you maximize the benefit amount, as Social Security provides delayed retirement credits that increase your monthly payment for each year you wait beyond FRA, up to age 70.

However, reaching the maximum benefit isn’t easy. To qualify for the highest payments, you need to have:

• Worked for at least 35 years.
• Consistently earned at or above the Social Security wage base limit throughout those years.
• Paid Social Security taxes on all of your earnings.

Most retirees will not receive the maximum benefit, but there are still ways to increase your payments. For instance, continuing to work and earn income, even after reaching retirement age, can boost your monthly benefits if your current earnings are among your highest years.

Average Payments

While the maximum benefits are impressive, the average Social Security retirement payment is much lower. As of August 2024, the average monthly retirement benefit is $1,919. If your payments are significantly below this average, you might consider applying for Supplemental Security Income (SSI).

Security Income

SSI is a federal program designed to help those with limited income and resources. If you qualify, SSI can provide additional financial support on top of your Social Security benefits. The next SSI payment is scheduled for October 1, 2024, and the maximum SSI payment for individuals is $943 per month.

Applying for SSI can be a helpful way to make up for lower-than-average Social Security payments, ensuring you have the financial resources you need in retirement.

Knowing when your Social Security payments will arrive and how much you can expect is essential for planning your retirement finances. Whether you’re set to receive your payment on September 11, 18, or 25, it’s important to know the factors that influence your benefit amount.

While not everyone will qualify for the maximum benefit, taking steps like delaying retirement and understanding your eligibility for SSI can help you make the most of your Social Security income.

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