New Social Security Payments This Week — Some Recipients Could Get More Money

In a matter of hours, you could receive money in your bank account, as the Social Security Administration (SSA) is sending out new deposits and paper checks for retirement and disability benefits (SSDI) this week and next. In the month of September, which is the last month of fiscal year 2024 in the United States, there are still two payments to be made, on September 18 and 25.

September is the last month before Social Security benefits are increased with the cost of living adjustment (COLA), which is calculated each year using CPI-W inflation statistics for the months of July, August, and September. The average of these months is compared with the average of the same three months of the previous year. If an increase in the cost of goods and services is noted, that percentage is applied as an increase to Social Security benefits.

Social Security Payments: How much money will I receive this month?

The amount of money you can get from Social Security will depend on the age at which you decide to retire. Although the full retirement age (FRA) varies for each person depending on their year of birth, you can start claiming payments as early as age 62.

Retirement guidelines in the United States

If you retire at an early age, you could take a cut of up to 30% in your benefits. However, if you wait until age 70, you could receive a raise of up to 24%. Here we leave you a table of percentages:

• 63 years
  
  • Income percentage: About 75%
    Description: If you wait one more year after age 62, the percentage increases, but is still considerably less than the 100% you would get at your FRA.
• 64 years
  
  • Income percentage: About 80%
    Description: The profits are small, but you are closer to receiving the full benefit.
• 65 years
  
  • Income percentage: About 86.7%
    Description: At this age, the reduction is smaller, but you still do not reach 100% of your benefits.
• 66 years
  
  • Income percentage: About 93.3%
    Description: You are very close to FRA for those born between 1955 and 1959, but you would still accept a small cut in the monthly benefit.
• 67 years old (FRA for those born after 1960)
  
  • Income percentage: 100%
    Description: At this age, you receive the full benefit based on your earnings history and years of contributions.
• 68 years
  
  • Income percentage: About 108%
    Description: Delaying your retirement one more year gives you a bonus, with an increase of 8% annually after age 67.
• 69 years
  
  • Income percentage: About 116%
    Description: Delaying the application considerably increases your monthly payments.
• 70 years
  
• Income percentage: About 124%
  Description: This is the maximum you can receive. There is no additional benefit if you decide to delay your retirement beyond this age.

Retirement and SSDI benefits scheduled by SSA in September

To date, the SSA has scheduled four payment dates instead of the traditional five, as the allocation of funds for Supplemental Security Income (SSI) recipients was brought forward to August 30. This is because September 1st fell on a Sunday, and the SSA does not pay benefits during weekends or holidays.

On September 11, payments went to pension and Social Security Disability Insurance (SSDI) recipients born between the 1st and 10th of any month. The next payment will be on September 18, for beneficiaries born between the 11th and the 20th. The third payment will be made on September 25, for people born between the 21st and the 31st.

Remember that if benefits do not arrive on the scheduled date, the Social Security Administration recommends waiting at least three business days, especially if you receive your benefits by paper check through the mail.