NEW CHECK COMING: Social Security Payment of up to $4,873 To Be Paid This Week
According to Newsweek, This week, millions of beneficiaries across the United States will receive their Social Security checks. With approximately 70 million people receiving benefits, payments are distributed in waves by the Social Security Administration (SSA) based on a recipient’s date of birth and the type of benefit they collect. In addition to retirement benefits, the SSA also administers disability benefits.
Second Round of Payments Set for September 11
The second round of Social Security retirement payments will be made on Wednesday, September 11, 2024. These payments will go to beneficiaries with birthdays between the 1st and 10th of any month who started claiming benefits after May 1997. The first round of September payments went out in late August because the usual September 1 payment date fell on a weekend.
Beneficiaries who collect Supplemental Security Income (SSI) without retirement checks are always paid first. Those who receive both retirement and SSI benefits should have received their retirement payments on September 3.
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Later in the month, beneficiaries with birthdays between the 11th and 20th will receive payments on September 18, while those born between the 21st and 31st will be paid on September 25.
The SSA advises recipients to wait three business days before contacting them if payments are delayed.
Payment Amounts and Maximum Benefits
The amount of Social Security benefits varies depending on several factors, including the age at which benefits are claimed and the recipient’s highest-paid years of work. In 2024, the maximum monthly benefit is $4,873 for those who begin claiming benefits at age 70. For those who retire at the earliest possible age of 62, the maximum benefit is $2,710 per month.
Cost of Living Adjustment (COLA) Expected in October
Seniors are also awaiting the official Cost of Living Adjustment (COLA) announcement, which is expected in early October. Independent Social Security and Medicare policy analyst Mary Johnson recently told Newsweek that she anticipates a 2.6 percent increase in monthly payments for seniors. The Senior Citizens League predicted a slightly lower 2.57 percent increase, down from an earlier estimate of 2.63 percent.
While the projected COLA increase is lower than recent years, it signals an encouraging sign of cooling inflation. In 2024, Social Security benefits saw a 3.2 percent rise, following a historic 8.7 percent increase in 2023, which was driven by the high inflation during the COVID-19 pandemic.
Inflation Concerns Continue for Seniors
Despite the slowdown in inflation, some seniors may still find the COLA increases insufficient. Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, expressed that while the smaller COLA estimates indicate progress, many seniors are still feeling the pressure of high prices that remain above pre-pandemic levels.
“It’s progress, but perhaps not enough for seniors who are exhausted from seeing prices substantially over their pre-pandemic amounts,” Beene told Newsweek.
