According to Tododisca, In September 2024, Social Security payments see a notable increase due to a 3.2% Cost of Living Adjustment (COLA). This adjustment raises the maximum benefit amounts for SSA, SSDI, and VA payments compared to 2023, ensuring beneficiaries maintain their purchasing power in the face of inflation.
New Maximum Benefit Amounts
- Disability Benefits: Up to $3,822
- Retirement at Age 70: Up to $4,873
- Full Retirement Age: Up to $3,822
- Early Retirement Age: Up to $2,710
These increases reflect the 3.2% boost from the previous year, translating to more substantial payments for all eligible recipients.
Payment Schedule for September 2024
Social Security payments are distributed on specific dates based on the retirement status and birthdate of beneficiaries:
- September 3rd: For retirees who began receiving benefits before May 1997.
- September 11th: For retirees after May 1997 with birthdays between the 1st and 10th of the month.
- September 18th: For retirees after May 1997 with birthdays between the 11th and 20th.
- September 25th: For retirees after May 1997 with birthdays between the 21st and 31st.
Direct Deposit vs. Paper Checks
Opting for Direct Deposit ensures that your Social Security payments are deposited promptly. Paper checks, however, may arrive a few days later. Remember, beneficiaries receive only one retirement payment per month, though it can be supplemented with Supplemental Security Income (SSI).
For accurate and timely benefits, understanding these updates and dates is crucial for managing your finances effectively.