BIG UPDATE: Social Security Payment of up to $4,873 To Be Paid Today
According to Newsweek, Today marks a significant date for select Social Security recipients as payments are made. The Social Security Administration (SSA) reports that in 2024, approximately 68 million Americans will receive some form of Social Security benefit each month, including retirement, disability, and survivor benefits. The total payout for these benefits is projected to be around $1.5 trillion for the year.
Payment Schedule for September
Due to the large volume of beneficiaries and the substantial funds involved, payment dates can vary. Today, September 3, payments are being issued to those who have either been claiming Social Security benefits before 1997 for over 27 years and three months or who receive both retirement benefits and Supplemental Security Income (SSI).
For individuals who receive only SSI without retirement benefits, payments were scheduled for August 30. This earlier payment date was due to September 1 falling on a weekend, pushing the payment date forward by two days.
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Upcoming Payment Dates
Other Social Security beneficiaries will receive their payments according to their birth dates:
- September 11: Payments for those with birthdays between the 1st and 10th of any month.
- September 18: Payments for those with birthdays between the 11th and 20th of any month.
- September 25: Payments for those with birthdays between the 21st and 31st of any month.
If you have not received your payment on your designated date, the SSA advises waiting three working days before reaching out for assistance.
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Maximum and Average Payments
For those eligible for the highest Social Security retirement payments, the amount can reach up to $4,873 today. However, most beneficiaries will receive less than this maximum amount. As of January 2024, the average monthly retirement benefit was $1,907. Social Security payments are calculated based on the 35 highest-earning years of an individual’s career and adjusted for inflation.
According to SSA guidelines, the maximum benefit varies depending on the age at which you retire:
- Retire at full retirement age (2024): Maximum benefit of $3,822.
- Retire at age 62 (2024): Maximum benefit of $2,710.
- Retire at age 70 (2024): Maximum benefit of $4,873.
SSI Payment Limits
For Supplemental Security Income (SSI), the highest monthly amount available is $943 for an individual and $1,415 for a couple. SSI benefits assist Americans living with disabilities and older adults with limited incomes.