2 groups of retirees will not receive Social Security in the upcoming two paydays – Check their next payment dates

Are you waiting for your next Social Security payment? Knowing when your payment will arrive and how much you might receive is crucial for planning. Social Security payments follow a strict schedule, and depending on when you started receiving benefits and your birth date, your next payment could be right around the corner.

Payment Dates

If you received a Social Security payment on August 2, your next payment is set for September 3. However, this date is only relevant if you began receiving payments before May 1997 or if you qualify for both Social Security retirement benefits and Supplemental Security Income (SSI). These conditions make you eligible for the early September payout.

For those who began receiving payments after April 30, 1997, your payment date will vary based on your birth date. If you were born between the 1st and 10th of any month, expect your next payment on September 11, 2024. This date applies to both retirement benefits and Social Security Disability Insurance (SSDI) recipients.

Payment Amounts

Now, let’s talk about the amounts. The maximum amount a retiree can receive in 2024 is $4,873 per month. To reach this figure, you must have delayed filing until age 70, earned the taxable maximum income during your working years, and worked for at least 35 years in jobs covered by Social Security. This combination of factors leads to the highest possible benefit.

Filing at Full Retirement Age (FRA), which varies depending on your birth year but generally falls between 66 and 67, allows you to receive up to $3,822 per month. However, if you choose early retirement at age 62, the maximum drops to $2,710. Early filing reduces your monthly benefit to account for the longer period over which you’ll be receiving payments.

The reality is that most retirees receive less than these maximum amounts. As of June 2024, the average monthly retirement benefit is $1,918. This amount gives a more realistic picture of what most recipients receive.

SSDI Payment Amounts

For those receiving Social Security Disability Insurance (SSDI), the payment amounts differ slightly. The maximum monthly SSDI payment in 2024 is also $3,822. However, the average SSDI payment is lower, at about $1,537 per month. These figures help SSDI recipients gauge what they might expect based on their work history and the timing of their claim.

Planning Your Budget

Knowing these payment schedules and amounts can help you better plan your budget. Whether you’re receiving retirement benefits or SSDI, knowing when and how much you’ll get allows you to make informed financial decisions. Remember, the exact payment you receive will depend on several factors, including your filing age, work history, and whether you qualify for additional benefits like SSI.

So, if you’re waiting for your next Social Security check, mark your calendar based on your eligibility, and keep these amounts in mind as you plan your spending. And if you’re still unsure about your specific situation, don’t hesitate to contact the Social Security Administration for personalized guidance.

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