In the month of September, all U.S. citizens in any state who receive Social Security retirement or disability benefits will see an increase in their payments due to the 2024 cost-of-living adjustment (COLA). Payments will be made based on various criteria, so if you expect to get your retirement check this month, it is critical to check the payment schedule for the exact date your funds will be available to you.
Knowing the precise date of your payment is essential for proper personal financial management. The day you will get your Social Security payment varies depending on the retiree group to which you belong. However, you can rest assured that your disability check will be processed smoothly no matter which group you belong to.
Social Security payments in September with increase
It is important to remember that in September not only disability beneficiaries will get their payments; retirees will also see their checks deposited according to the established schedule. The key is to know the specific requirements for each payment date.
Here is the Social Security payment schedule for September 2024:
- September 3: Payment for retirees who began getting benefits before May 1997.
- September 11: Payment for retirees who started getting benefits after May 1997 and have a birthday between the 1st and 10th of the month.
- September 18: Payment for retirees who started getting benefits after May 1997 and have a birthday between the 11th and 20th of the month.
- September 25: Payment for retirees who started getting benefits after May 1997 and have a birthday between the 21st and 31st of the month.
In summary, your payment could be deposited on September 3, 11, 18 or 25, depending on your eligibility. Be sure to check your eligibility to get your disability check or other Social Security payments on the appropriate date.
Maximum disability checks in September 2024
For beneficiaries of Social Security disability benefits (SSDI), the maximum payment in 2024 can be as high as $3,822. However, not all beneficiaries will get this maximum amount; the amount of the check will depend on their individual earnings history and personal circumstances.
In comparison, retirees receiving Social Security age-related benefits can get checks of up to $4,873. As with SSDI, not all retirees will get this maximum amount. The amount you receive in September 2024 will reflect the amount you were getting before the new year adjustment.
How the COLA Increase Affects Your Payments
The Cost-of-Living Adjustment (COLA) for 2024 impacts Social Security benefits uniformly across all states. This annual adjustment is implemented to offset inflation and ensure that all beneficiaries, regardless of where they live, get an increase that maintains their purchasing power. Whether you live in California, Texas, Florida or any other state, the COLA increase will be reflected in your September payment and will be maintained for the remainder of the year.
Understanding the payment schedule, the effect of the COLA and possible amounts is essential to proper financial planning. Whether you get disability or retirement benefits, being well informed will allow you to manage your finances effectively and avoid surprises. Stay on top of the Social Security Administration’s guidelines to ensure you get the benefits you are entitled to on time and in the correct amount.
How much will the COLA increase in 2024?
Social Security and Supplemental Security Income (SSI) benefits for more than 71 million people in the U.S. increased by 3.2 percent in 2024 thanks to the COLA.
The 3.2 percent Cost-of-Living Adjustment (COLA) began with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI beneficiaries began on December 29, 2023.