Social Security payments will be issued in 7 days – Get checks of up to $4,873

If you’re a retiree in the United States, September is an important month for Social Security payments. Eligible retirees could receive direct deposits of up to $4,873, depending on their specific circumstances. The first round of these Wednesday disbursements will begin on September 11, 2024.

Here’s everything you need to know about the September Social Security payments, who qualifies, and how you can maximize your benefits.

Schedule

The Social Security Administration (SSA) will disburse payments in three rounds this September, based on your birth date:

• September 11: Retirees born between the 1st and 10th of any month who do not qualify for the September 3 payment will receive their deposits on this date.
• September 18: Those born between the 11th and 20th will receive their checks a week later.
• September 25: Retirees born between the 21st and 31st will get their payments on this final date.

If you started receiving Social Security benefits before May 1997, your payment will have already been disbursed on September 3. However, if you began receiving benefits after April 30, 1997, and do not qualify for the early September payout, you’ll receive your payment according to the schedule above.

Payment Amounts

The maximum Social Security benefit amount varies depending on when you filed for retirement:

• Filed at Age 62: Maximum payment is $2,710 per month.
• Filed at Full Retirement Age: Maximum payment is $3,822 per month.
• Filed at Age 70: Maximum payment is $4,873 per month.

However, it’s rare to receive the maximum benefit. To qualify for such high payments, you would need to have worked for at least 35 years, earned the maximum contribution and benefit base each year, and paid enough in Social Security taxes.

Payments

To receive the highest possible Social Security benefit, consider waiting until age 70 to file. Filing earlier, at age 62, will significantly reduce your payments, while waiting until full retirement age (typically around 66 or 67, depending on your birth year) or beyond can boost your monthly check.

Earn More

Your Social Security benefits are based on your highest 35 years of earnings. Working longer and earning more can help replace lower-earning years with higher ones, thereby increasing your average indexed monthly earnings (AIME) and your eventual benefit amount.

Benefit Statement

Regularly review your Social Security Statement to know what you’re projected to receive at different ages. This can help you plan and make informed decisions about when to start your benefits.

Low Payment

If your Social Security payments are much lower than average (around $1,919, according to Social Security data from last August), you might want to consider applying for Supplemental Security Income (SSI). This federal payment is designed to help individuals with limited income and resources. The next SSI payment, which can be up to $943, is scheduled for October 1, 2024.

Payment Dates

Mark your calendar according to your birth date to know exactly when to expect your Social Security deposit.

If you are eligible for Social Security benefits, make sure you know the disbursement schedule and criteria for maximizing your payments. Adjust your retirement strategy if necessary to take full advantage of the benefits you’re entitled to.

FAQs