Social Security 2024 Payments: Max Retirement Benefits Reach $4,873 for Age 70 Recipients
According to Lagrada online, Every month, the Social Security Administration (SSA) delivers benefits to over 70 million people across the U.S. These payments, part of programs like retirement, survivor, and disability insurance, are vital in helping beneficiaries meet their living expenses. However, to qualify for these benefits, strict eligibility criteria must be met, such as reaching full retirement age, having an established work history, making sufficient Social Security contributions, or proving a disability that prevents substantial work for at least 12 months, particularly for Social Security Disability Insurance (SSDI) recipients.
If you qualify for any of these programs, it’s essential to stay updated with the SSA’s latest payment announcements for the remainder of the year.
How Does the Social Security Administration Schedule Payments?
The SSA sends out monthly benefits to millions of Americans, helping them cover necessities like housing, food, medical care, and in some cases, debt repayment. Payment schedules follow a specific system, beginning with Supplemental Security Income (SSI) recipients, who receive payments on the first of every month.
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For recipients of Old-Age, Survivors, and Disability Insurance (OASDI) who applied before May 1997, payments are issued on the third day of every month. For others, the SSA schedules three additional rounds of payments based on their birth date:
- First Payment Round: For those born between the 1st and 10th of the month.
- Second Payment Round: For those born between the 11th and 20th.
- Third Payment Round: For those born between the 21st and 31st.
It’s important to note that payment dates may change due to federal holidays or weekends. Since Social Security benefits are a primary source of income for many Americans, keeping track of these dates is crucial. If your payment doesn’t arrive on the expected date, wait at least three business days before taking any action, as the delay may stem from your bank’s processing time rather than from the SSA.
Social Security’s New Payment Dates for the End of 2024
After reviewing the SSA’s payment schedule, here is a list of confirmed payment dates for the rest of 2024. Ensure you’re aware of these dates, especially as the year draws to a close, to avoid any surprises in your budgeting and financial planning.
| SSI beneficiaries | First day of the month |
|---|---|
| September | – |
| October | 1st |
| November | 1st and 29th |
| December | 31st |
| RSDI beneficiaries who claimed before May 1997 | Third day of the month |
|---|---|
| September | 3rd |
| October | 3rd |
| November | 1st* |
| December | 3rd |
| RSDI beneficiaries who claimed after May 1997 | Second Wednesday | Third Wednesday | Fourth Wednesday |
|---|---|---|---|
| September | 11th | 18th | 25th |
| October | 9th | 16th | 23rd |
| November | 13th | 20th | 27th |
| December | 11th | 18th | 24th* |
How Payment Amounts Vary for Social Security Beneficiaries
While Social Security benefits provide essential support, payment amounts vary based on the recipient’s unique circumstances. For instance, retirees and disabled individuals don’t receive the same benefits, as the programs they’re enrolled in have different qualifications and criteria. However, even within the same program, there can be variation in the amounts beneficiaries receive.
Here’s a breakdown of the average, regular, and maximum payment amounts across the main Social Security programs:
Supplemental Security Income (SSI) Benefits
- On average: $1,900
- Before full retirement age or before age 62: $2,710
- At full retirement age or age 67: $3,822
- After full retirement age or after age 70: $4,873
Retirement Benefits
- On average: $1,900
- Age 62: $2,710
- Age 67: $3,822
- Age 70: $4,873
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Survivor Benefits
- On average: $1,505
- Individual: $1,773
- 2 children: $3,653
SSDI Benefits
- On average: $1,537
- Blind recipients: $2,590
- Maximum payment: $3,822
