Social Security Update for September: When Retirees Will Get Their Last Two Payments!
Social Security payments are a critical source of financial support for millions of retired workers and Social Security Disability Insurance (SSDI) beneficiaries across the United States. In September, two payments are expected to be issued for those who qualify.
If you’re one of the millions receiving Social Security benefits, it’s important to know the exact dates, the requirements for eligibility, and how these payments can affect your finances.
According to the Social Security Administration (SSA), over 71 million people in the U.S., roughly one in every five Americans, currently receive Social Security benefits. The vast majority are elderly retirees, while others are young survivors of deceased workers or SSDI recipients.
If you qualify for retirement or disability benefits, here’s what you need to know about your upcoming payments and how to ensure you receive them.
Key Eligibility Requirements for Social Security Payments
For Retired Workers:
To qualify for Social Security retirement benefits, you must first accumulate enough “credits” through work. This is done by paying into the Social Security system, either through payroll taxes as required by the Federal Insurance Contributions Act (FICA) or, if you’re self-employed, through your income tax returns.
- Credits System: A maximum of four credits can be earned each year. You need to accumulate at least 40 lifetime credits to be eligible for Social Security retirement benefits.
In simple terms, you must have worked and contributed to Social Security for at least ten years to qualify for these payments.
For Disabled Workers:
If you’re seeking Social Security Disability Insurance (SSDI) benefits, you need to meet specific requirements. Primarily, your disability must prevent you from working or engaging in substantial gainful activity (SGA), and you must have contributed enough payroll taxes to the system.
- Definition of Disability: The SSA defines a qualifying disability as one that prevents you from working for at least 12 months or is expected to result in death. In addition, you must have worked long enough and recently enough to be eligible for SSDI.
For individuals with disabilities, it’s important to remember that SSDI benefits may not be sufficient to cover all expenses, so it’s advised to explore alternative sources of income.
SSI and Additional Social Security Programs:
Some beneficiaries might also qualify for Social Security benefits through the Supplemental Security Income (SSI) program. While SSDI and SSI have different goals, many people qualify for both, especially if they meet strict income and resource limits. The good news is that if you qualify for both, you don’t need to submit separate applications for each.
However, it’s essential to note that the income you receive cannot exceed the SSI payment amount if you’re receiving both types of benefits.
When to Expect Your September Social Security Payments
Social Security payments for September 2024 will be issued according to the following schedule:
- Wednesday, September 18th
- Wednesday, September 25th
These two dates are when eligible retired workers and disabled people can expect to receive their payments. The exact payment dates depend on the recipient’s birth date, with those born earlier in the month typically receiving their benefits sooner.
Beneficiaries must meet specific requirements to qualify for payments. For retired workers, this includes meeting the full retirement age criteria and earning enough credits through Social Security taxes, for disabled individuals receiving SSDI, proof of disability through medical records is required.
Additionally, survivors of deceased beneficiaries may also receive payments. The amount will depend on various factors, such as the deceased person’s work history and the number of dependents (like children) left behind.
How Social Security Payments Are Determined
The amount you receive from Social Security depends on several factors, including:
- Retirement Age: If you begin receiving benefits before reaching full retirement age, your monthly payments will be reduced. However, if you delay your benefits until after full retirement age, you can receive larger monthly payments.
- Work Credits: As mentioned earlier, the more credits you’ve earned through working and paying Social Security taxes, the higher your payments will be.
- Disability Payments: For SSDI beneficiaries, payments are determined based on your lifetime earnings before your disability. The SSA uses a formula that takes into account your average indexed monthly earnings (AIME) to calculate your primary insurance amount (PIA), which is the amount you’ll receive monthly.
Social Security Benefits for Survivors
In addition to payments for retired workers and disabled people, the SSA also provides benefits to survivors of deceased workers. This includes spouses, children, and, in some cases, parents.
The amount of survivor benefits varies based on factors like the deceased worker’s lifetime earnings and the number of dependents. Surviving children may receive payments up to age 18 or longer if they are still attending school or have a disability.
Why You Should Seek Professional Advice
Applying for Social Security benefits can be a complex process, especially for those unsure about eligibility or the required documentation. Consulting a financial advisor or a Social Security expert is highly recommended. They can provide valuable guidance on how to maximize your benefits, whether you’re applying for retirement, disability, or survivor benefits.
| Social Security payments | Retirement benefits | Survivors benefits | Disability benefits |
| On average | $1,900 | $1,505 | $1,537 |
| Other payments | Age 62: $2,710Age 67: $3,822Age 70: $4,873 | Individual: $1,7732 Children: $3,653 | Blind recipients: $2,590Maximum payment: $3,822 |
Read More: Around $2,000 Checks Coming to New York Residents: Are You Eligible for STAR Relief?
Conclusion
Suppose you’re a retired worker or disabled person relying on Social Security benefits. In that case, it’s essential to be aware of the upcoming payment dates in September and ensure you meet all the requirements.
Staying informed and seeking professional help when needed can make the process smoother and ensure you receive the benefits you’re entitled to. With the cost of living continuing to rise, every bit of financial assistance helps, and Social Security can be a lifeline for millions.