Social Security payments September 2024 – Social Security payments worth up to $4,873 for retirees aged 70 and above will be sent out on Sept. 11 to the first group of retirees.
You can find out everything you need to know about Social Security’s September payments here.
What is it?
The Social Security Act was signed into law by former president Franklin D. Roosevelt in 1935, creating the Social Security Administration to administer it. The Social Security Administration pays monthly checks to retirees to replace their incomes after retirement.
When does the check arrive?
Typically, Social Security payments are distributed on the second Wednesday of every month, and the following waves follow in the subsequent weeks. Payment distribution depends on the day of the month a retiree was born.
On Sept. 11 retirees born between the first and tenth of a month will receive their checks, on Sept. 18 retirees born between the eleventh and twentieth of a month will receive their checks, and on Sept. 25 retirees born after the 21st of a month will receive their checks.
How can I maximize my check?
Social Security beneficiaries receive a benefit based on their retirement age, the amount they paid into the system, and the number of years they contributed.
The SSA allows up to $2,710 per month for those who retire at the youngest age, 62, while up to $4,873 per month for those who wait until age 70.
In the SSA’s calculator, beneficiaries can calculate their monthly benefits based on their personal information.
When am I eligible?
Starting at 62 years of age, citizens are eligible to receive Social Security payments.
How is it financed?
Employers and employees pay payroll taxes to finance Social Security.
Due to a growing number of retirees and a shrinking population of workers, the Social Security Administration will no longer be able to give out full payments to recipients by 2034 unless Congress acts.
