BIG UPDATE: Social Security 2024 Payments: Max Retirement Benefits Reach $4,873 for Age 70 Recipients
Every month, the Social Security Administration (SSA) delivers monthly benefits to over 70 million beneficiaries through its retirement, survivor, and disability insurance programs, helping people cover their living expenses. To qualify for these payments, beneficiaries must meet strict requirements, such as reaching full retirement age, having a sufficient work history, making enough Social Security contributions, and, for SSDI recipients, demonstrating a disability that prevents substantial gainful activity for at least 12 months. If you qualify for any of these programs, check here for the newly announced payments for the rest of the year.
Payment Scheduling by the SSA
The SSA schedules payments to millions nationwide to assist with essential living costs like housing, food, entertainment, medical care, and, in some cases, debt repayment. Payments begin on the first of the month for Supplemental Security Income (SSI) recipients, followed by five payment rounds each month. OASDI claimants who applied for benefits before May 1997 receive their monthly benefits on the third day of each month. After these payments, three additional rounds are scheduled based on specific conditions.
| Social Security program | Benefits claiming date | Birth date between | Payment day |
|---|---|---|---|
| Retirement benefits | After May 1997 | 1st and 10th | Second Wednesday |
| Survivor benefits | After May 1997 | 11th and 20th | Third Wednesday |
| Social Security Disability Insurance (SSDI) | After May 1997 | 21st and 31st | Fourth Wednesday |
Note on Payment Dates
It’s essential to note that these payment dates can vary due to federal holidays and weekends. Since Social Security benefits are a crucial income source for millions of Americans, it’s advisable to stay updated with the latest information and the official payment schedule. If your payment doesn’t arrive on the scheduled date, wait at least three mailing days, as delays may stem from your bank’s processing rather than the SSA.
Confirmed Payments for Late 2024
After reviewing the Social Security payment schedule, here are the confirmed payment dates for the end of 2024. Refer to the table below for upcoming payment dates by program.
| 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* |
Payment Amounts for Beneficiaries
It’s important to understand that Social Security provides different payment amounts based on individual circumstances. For instance, retirees and disabled individuals do not receive the same payment amounts due to varying program requirements. Even within the same program, beneficiaries may qualify for average, regular, or larger payments. Here’s a breakdown of the currently available payment amounts by program:
Supplemental Security Income Benefits
- On Average: $1,900
- Before Full Retirement Age or Before 62: $2,710
- At Full Retirement Age or Age 67: $3,822
- After Normal 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
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
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