In a much-awaited move, the final round of Social Security retirement benefits for September will be paid this week. Here is everything you need to know about the latest round of payments
September Social Security Payments
Social Security benefits are paid directly into bank accounts each month by the Social Security Administration (SSA). Recipients with birthdays falling between the 21st and 31st of any given month will receive their payment on Wednesday, September 25.
Payment Schedule
Beneficiaries claiming Supplemental Security Income (SSI) were already paid on August 30. Retirees who also claim Social Security and SSI, as well as those claiming retirement checks since before May 1997, received their payments on the 3rd. September 11 saw payments for those born between the 1st and 10th, while September 18 was the payment date for those born between the 11th and 20th.
Average Monthly Benefit
In January 2024, the average monthly retirement benefit for Social Security claimants was $1,907. The amount is calculated based on an individual's 35 highest-earning years in their career, the age at which they began claiming benefits, and is adjusted for inflation. The maximum benefit varies with retirement age, ranging from $2,710 at age 62 to $4,873 at age 70.
Upcoming COLA Adjustment
The Cost of Living Adjustment (COLA) for 2025 will be announced in October. Analysts predict a 2.5 percent increase based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) in the third quarter of the year.
Administrative Changes
The SSA has implemented several changes in recent months to streamline processes for recipients. These include eliminating wet signatures on some application documents and adding new conditions to the compassionate allowances list, expediting benefits access for those with serious conditions.
Overall, the Social Security landscape is evolving, with changes in payment schedules and benefit calculations. Recipients can look forward to timely payments and potential increases in their benefits. Stay tuned for more updates on Social Security news and developments.