Final September Social Security payments announced

Social Security beneficiaries who meet specific criteria will receive their final September payment this week, including the Cost of Living Adjustment (COLA) increase. To be eligible for this payment, individuals must have started receiving Social Security benefits after May 1997 and have a birthday between the 21st and 31st of any month. The Social Security Administration (SSA) distributes payments to over 70 million monthly recipients, including retired workers, survivors, and disabled individuals. The payment schedule is based on the beneficiary’s birth date and when they first claimed their benefits. Those who claimed benefits before May 1997 receive their payments on the third day of every month, regardless of their birth date. For those who claimed after May 1997, the schedule is as follows: – Recipients born between the 1st and the 10th receive payments on the 2nd Wednesday of the month. – Recipients born between the 11th and the 20th receive payments on the 3rd Wednesday of the month. – Recipients born between the 21st and the 31st receive payments on the 4th Wednesday of the month.

Final September payment details

Payment amounts vary based on factors such as full retirement age (FRA), work history, and Social Security taxes paid. Retired workers who meet all qualifications may receive up to $1,900 per month. In comparison, those who delay claiming benefits until age 70 and have the maximum taxable income can receive up to $4,873 monthly. Disabled beneficiaries generally receive an average of $1,537 per month, with those who had high taxable wages before becoming disabled potentially collecting up to $3,822. Blind beneficiaries are eligible for up to $2,590 monthly. The COLA, currently set at 3.2%, will be updated in October. If the increase is confirmed to be 2.5%, the new payment amounts will reflect this adjustment starting next year. Beneficiaries who do not receive their payments on time should first contact their bank to ensure the funds are not being withheld. If the issue persists, they should contact the SSA for assistance. To avoid delays, it is recommended that beneficiaries activate Direct Deposit and keep personal information updated with the SSA.