By the end of September 2024, the last round of Social Security checks will be distributed to retirees, disabled individuals, and survivors. This final distribution will surprise many who were born between the 21st and 31st of any given month, as they will receive their checks by the last Wednesday of September. For some, the amount could be as high as $4,000.
Social Security, officially known as the Old-Age, Survivors, and Disability Insurance (OASDI) program, supports approximately 70 million Americans every month. Of those, 64 million are retirees who depend on the Social Security Administration (SSA) for their payments. The payment schedule is based on the date individuals initially claimed their benefits.
Payment Schedule and Benefit Amounts
The SSA distributes checks according to a specific schedule. For those who claimed benefits before May 1997, checks are sent on the third of every month. However, for people who claimed after May 1997, payments are made based on their birth date. For example, those born between the 21st and 31st will receive their payments on the fourth Wednesday of each month.
Benefit amounts vary depending on an individual’s lifetime income and the age at which they file for Social Security. Retirees who wait until age 70 could receive a maximum of $4,873 monthly in 2024. For those who claimed earlier, such as at age 62, the maximum is $2,710.
To learn more about how Social Security benefits are calculated, visit the official Social Security Administration website.
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Additionally, recipients of Supplemental Security Income (SSI) may receive additional support, although SSI is needs-based and subject to different rules. As of June 2024, the average Social Security benefit for retirees was just under $2,000 per month.