As we move into the final months of 2024, millions of Social Security recipients, including those on Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and retirement benefits, are preparing for their next scheduled payments.
Whether you’re receiving benefits for retirement, disability, or supplemental income, it’s crucial to stay informed about the upcoming payment dates and amounts.
Understanding Social Security Payments
Social Security provides financial support to millions of Americans, covering retirees, individuals with disabilities, and those with limited income through SSI.
The payment schedule for Social Security is staggered depending on the type of benefits and the recipient’s birth date.
Payment Schedule for SSI, SSDI, and Retirement Benefits
For SSI recipients, the next payment will arrive on October 1st, 2024. SSI payments are typically made on the first of the month, but if the first falls on a weekend or holiday, payments are issued on the last business day of the prior month. As a result, there is no payment scheduled for September 2024, but October 1st will bring the next check.
For SSDI and retirement beneficiaries, the payment schedule is based on the recipient’s birth date. Here’s the breakdown for the upcoming payments:
- September 25th, 2024: For SSDI and retirement beneficiaries born between the 21st and 31st of any month.
- October 3rd, 2024: For beneficiaries who qualified for earlier payments in the month.
Upcoming Payment Dates
| Date | Beneficiaries |
|---|---|
| October 1, 2024 | SSI recipients |
| September 25, 2024 | SSDI and retirement recipients (birthdays from 21st to 31st) |
| October 3, 2024 | SSDI and retirement recipients (general payment) |
Payment Amounts: What You’ll Receive
Social Security payments vary depending on the type of benefit and individual circumstances. Here’s a look at the average payments for different programs:
- Social Security Retirement: The average monthly benefit is around $1,920, but this can increase up to $4,873 for those who delay retirement until age 70.
- SSDI: Disability recipients typically receive an average of $1,539 per month, with a maximum benefit of $3,822.
- SSI: Supplemental Security Income offers a maximum payment of $943 for individuals and $1,415 for couples.
These amounts will remain unchanged until the next cost-of-living adjustment (COLA), expected in 2025. COLA adjustments, which help beneficiaries keep up with inflation, are predicted to be around 2.5% to 2.6% for 2025, translating into slightly higher benefits.
Why Two Payments for Some SSI Recipients?
SSI recipients may sometimes receive two payments in one month, but this isn’t extra money. When the first of the month falls on a weekend or holiday, the Social Security Administration (SSA) issues payments on the previous business day. This happened in September 2024, where SSI recipients received two payments: one on September 1st and another on September 30th for October.
What to Do If Your Payment Is Late
If your Social Security payment is delayed, the SSA advises waiting three business days before contacting customer service. Delays are often due to bank processing times or postal issues. If your payment is still missing after three days, reach out to the SSA directly for assistance.
Upcoming COLA Increase in 2025
Looking ahead, Social Security beneficiaries can expect a cost-of-living adjustment (COLA) in 2025, likely around 2.5%. While this increase is smaller than in previous years, it helps ensure that payments keep pace with rising inflation. For example:
- Retirees may see their payments rise from $1,920 to about $1,968 per month.
- SSDI recipients could see an increase of approximately $38 per month, bringing the average to $1,578
Conclusion
Staying informed about Social Security payment schedules and updates is crucial for managing your finances.
Whether you’re receiving SSI, SSDI, or retirement benefits, understanding when and how much you’ll be paid helps ensure you’re prepared.
Keep an eye on upcoming changes, such as the 2025 COLA, and don’t hesitate to contact the SSA if you experience any delays or discrepancies in your payments.
FAQs
The next SSI payment will be issued on October 1st, 2024.
The average monthly retirement benefit is approximately $1,920, but this can vary based on the recipient’s age and work history.
Two payments were made in September because the October payment was issued early, due to October 1st falling on a weekend.
The next SSDI payment for recipients born between the 21st and 31st of any month is scheduled for September 25th, 2024.
Yes, a COLA increase of around 2.5% is expected in 2025, which will slightly raise Social Security payments for most beneficiaries.
References
- Social Security Updates – Money.com
- Social Security Payment Schedule – Vibes Okdiario
- Social Security COLA Adjustments – NerdWallet
- SSI and SSDI Payment Information – Lagrada Online