Pensioners Born after 20th will receive Social Security in late September

Are you wondering when your Social Security payment will arrive this September? If you’re a retiree born after the 20th of any month, you might need to wait a bit longer. Let’s break down what you need to know about Social Security payments for September 2024, including key dates and how your payment amount is determined.

Key Payment Dates for September 2024

For some retirees, September 3 is the magic date. If you receive both Social Security and Supplemental Security Income (SSI), or if you began collecting Social Security benefits before May 1997, your payment will hit your account on this day.

But what if you don’t fall into these categories? If you’re not eligible for the September 3 payment, don’t worry. Your payment is just around the corner.

Payment Schedule for Those Born After the 20th

If you were born after the 20th, your Social Security payment will be scheduled for September 25, 2024. This date is a little later than the 3rd but comes three days earlier than the August payment, which was on the 28th.

Who Qualifies for the September 25 Payment?

The September 25 payment date is for retirees who:

• Were born between the 21st and the 31st of any month.
• Do not receive SSI benefits.
• Started collecting Social Security after May 1997.

Make sure your Social Security filing and approval are in order, as the SSA will not issue payments to those who don’t follow their rules.

What to Expect with Your Payment Amount

The amount of your Social Security payment can vary widely based on your work history, earnings, and when you filed for benefits. Here’s a rough breakdown:

• Average Payment: As of July 2024, the average Social Security payment is around $1,919.
• Maximum Benefit: If you’ve worked for 35 years, filed at age 70, and earned high wages throughout your career, you might receive up to $4,873.

For those filing at age 62 in 2024, the maximum benefit is $2,710. If you waited until your Full Retirement Age, you could get up to $3,822.

Looking Ahead, COLA Adjustments

If you’re curious about cost-of-living adjustments (COLA) for 2025, keep in mind that the increase won’t be applied until January 2025. The latest projection from the Senior Citizens League suggests a modest 2.57% increase—roughly 2.6%.

Quick Tips for Retirees

1. Check Your Birthdate: Know when your payment is due based on your birthday.
2. Monitor Your Account: Keep an eye on your bank account for the payment.
3. Verify Your Eligibility: Ensure you meet all SSA requirements to avoid delays.
4. Plan Ahead: Use these dates to manage your budget and expenses more effectively.

Conclusion

To manage your finances easily, it is important that you understand when to expect your Social Security payment. If you do not receive your payment on the expected date, first call your bank. Wait for three days before contacting SSA if the problem persists.

You can avoid awkward moments and make sure your retirement funds are handled smoothly by being aware of things and taking the necessary steps. Let’s have a splendid September and timely Social Security payments!

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