The final Social Security check for September 2024 is set to be delivered by the 25th. As the dreaded month end hits, those whose birth dates fall between the 21st and 31st of any given month will receive a nice surprise in the mail as the upcoming week draws to a close. The final batch of checks will be sent out to retirees, disabled individuals, and survivors with some receiving checks well over $4,000.
More than 70 million Americans receive Social Security benefits each month
Social Security in the U.S refers to the Old-Age, Survivors, and Disability Insurance (OASDI) program in the United States. Of the 70 million Americans who receive Social Security, 64 million are retirees. The federal agency Social Security Administration (SSA) is in charge of the distribution of millions of checks each month to these individuals.
When you receive your benefits depends on when you claimed for your checks
Each month, the SSA releases checks in staggered batches depending on when you first claimed for your checks. Those who claimed before May 1997 will always receive their checks on the third of every month. However, the process looks different for those who claimed their checks after May 1997. These benefits are released in batches according to the following schedule:
- On the 2nd Wednesday of the month, benefits are sent to beneficiaries who were born between the 1st and the 10th
- On the 3rd Wednesday of the month, benefits are sent to beneficiaries who were born between the 11th and the 20th
- On the 4th Wednesday of the month, benefits are sent to beneficiaries who were born between the 21st and the 31st
Retirees benefits amounts depend on your lifetime income
The Social Security Old-Age program benefits differs for every retiree. To qualify to receive benefits, you must be at least 62 years old and have been contributing to the Social Security program for at least ten years. Your benefits are calculated based on your indexed monthly earnings from your 35 highest-earning years. Your benefits maximize if you only claim at 70 years old.
The average retiree received just under $2,000 dollars a month from Social Security each month as of June 2024. Many seniors are solely dependent on these benefits and have no other income aside from these monthly checks. The amount retirees receive month is further adjusted according to the cost of living index to keep up with inflation.
For 2024, if you claim Social Security at 62 years old, the maximum amount you can receive each month is $2,710. If you wait until you are 70 years old, the maximum threshold increases to $4,873 per month. The average benefits payment for those who receive Social Security Disability Benefits (SSDB) was just under $1,400 per month as of June 2024. Spouses and children of deceased workers may also be able to claim benefits with the average month payment being just over $1,500 dollars as of June 2024.
What About Supplemental Security Income?
While some retirees receive both Social Security and Supplemental Security Income (SSI), the two are different. SSI criteria is needs-based and is intended for those who have access to very little income or resources. Changes in income or living arrangement could affect whether you continue to receive SSI whereas if someone qualifies to receive Social Security, they will receive this income no matter what.
It is important to budget and plan for your retirement. It has been noted that the income received from Social Security benefits alone is not enough to live off of each month. Workers should not rely solely on Social Security as their retirement plan and should look at alternative savings and investment plans to limit financial stress in retirement.
