The Social Security Administration has announced the schedule for September's benefit payments, with some recipients set to receive up to $4,873.
According to a report from Daily Mail Online, approximately 68 million Americans receive some form of Social Security benefit each month, with total payouts reaching around $1.5 trillion annually.
The payment schedule is staggered throughout the month due to the large number of beneficiaries. Two groups of Americans can expect to receive their payments in the first week of September, while others will see their benefits arrive later in the month based on their birth dates.
For those who have been claiming Social Security since 1997 or who claim both retirement benefits and Supplemental Security Income (SSI), payments were issued on September 3. The maximum retirement payment can reach up to $4,873, although this figure is likely to be lower for most recipients.
The average monthly retirement check is $1,907, a figure that takes into account the 35 highest-earning years in a recipient's career and is adjusted for inflation. The Social Security Administration (SSA) explains that the maximum benefit depends on the age at which a person retires.
Those who only receive SSI benefits, not retirement, should have received their checks on August 30, as the usual 1st of the month payment day fell on a weekend. The highest SSI payment that can be claimed for an individual is currently $943, and $1,415 for a couple.
For other beneficiaries, the payment schedule is determined by their date of birth. Those born between the 1st and 10th of any month will receive their monthly check on September 11. Claimants with birthdays between the 11th and 20th of any given month will receive their payments on September 18.
The final group, whose birthdays fall between the 21st and 31st of the month, will have their benefits paid on September 25. This staggered approach helps manage the distribution of funds to the millions of Americans who rely on Social Security benefits.
The SSA advises recipients to wait three working days following a due date before contacting them about a late payment. This allows for any processing delays or potential issues with the payment system to be resolved.
The SSA provides information on its website regarding maximum benefit amounts based on retirement age. For those retiring at full retirement age in 2024, the maximum benefit would be $3,822. However, if an individual retires at age 62 in 2024, their maximum benefit would be $2,710.
The highest possible benefit of $4,873 is available to those who retire at age 70 in 2024. This increased amount is due to delayed retirement credits that accrue for each year an individual postpones claiming benefits beyond their full retirement age, up to age 70.
It's important to note that these maximum figures are not typical for most beneficiaries. The actual benefit amount received depends on various factors, including lifetime earnings, the age at which benefits are claimed, and the type of benefit being received.
The Social Security Administration has released the payment schedule for September, with some beneficiaries receiving payments as early as September 3. The payment dates for other recipients are determined by their birth dates, with distributions occurring on September 11, 18, and 25. While the maximum possible benefit can reach $4,873, most recipients receive an average of $1,907 per month. The SSA continues to manage this complex system of payments, ensuring that millions of Americans receive their vital Social Security benefits each month.
