Social Security Payments: Retirement and Disability Funds Available Today
Social Security Payments Announced
A round of Social Security payments will be made to select groups of recipients today. According to the Social Security Administration (SSA), in 2024, an estimated 68 million Americans will receive some form of Social Security benefit on a monthly basis. These benefits include retirement, disability, and survivor benefits, with a total payout of approximately $1.5 trillion throughout the year.
Payment Schedule Insights
However, due to the large volume of beneficiaries and significant amount of funds being distributed, not all claimants can expect to receive their payments on the same date each month. Those who have either been claiming Social Security before 1997 for the last 27 years and three months, or claim both retirement benefits and Supplemental Security Income (SSI) will be paid today, September 3. Those who get SSI only without retirement benefits should have already been paid, with amounts scheduled to go out on August 30—two days earlier than the usual 1st of the month payment date due to September 1 falling on a weekend.
- Payments for those with birthdays between the 1st and 10th will be on September 11.
- For birthdays from the 11th to the 20th, payments will be received on September 18.
- Finally, those born between the 21st and 31st will receive benefits on September 25.
If you have not received your funds on your allocated date, the SSA recommends waiting three working days before contacting them.
Maximum Benefits Explained
For those who are eligible to claim the highest amount of Social Security retirement payments, they will be getting as much as $4,873 today. However, this is likely to be lower for most beneficiaries. As of January 2024, the average monthly retirement benefit for claimants was $1,907. The calculation for Social Security payments takes into account the 35 highest-earning years in an individual's career and is adjusted for inflation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.